BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is the market value of all final goods and services made in the country.
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It is the Cost production of all final goods and services made in the country.
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It is the Cost services of all final goods and services made in the country.
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It is the market value of all final goods and services made within the borders of a country in a year.
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Detailed explanation-1: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Detailed explanation-2: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.
Detailed explanation-3: -Gross domestic product (GDP) is the most commonly used measure for the size of an economy. GDP can be compiled for a country, a region (such as Tuscany in Italy or Burgundy in France), or for several countries combined, as in the case of the European Union (EU).
Detailed explanation-4: -GDP is the total money value of all final goods and services produced in a country in a year.