ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gross Domestic Product
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Gross Demand Product
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General Domestic Product
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General Demand Product
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Detailed explanation-1: -Gross domestic product (GDP) is the most commonly used measure for the size of an economy.
Detailed explanation-2: -Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).
Detailed explanation-3: -Gross Domestic Product (GDP) of a country is the sum of all the final goods and services produced in all the three sectors in a particular year. It shows the total production in a country. It shows how big the economy of a country is, in a given year, in terms of its total output.
Detailed explanation-4: -The correct answer is Gross Domestic Product. Key Points. GDP stands for Gross Domestic Product. GDP is all the final goods and services produced in one financial year in our national boundary. The Central Statistics Office (CSO) calculates India’s GDP.