ECONOMICS
ECONOMIC GROWTH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
The growth in the number of goods and services bought over a period of time
|
|
|
The value of good and services bought over a period of time
|
|
|
The number of goods and services produced over a period of time
|
|
|
The value of goods and services produced over a period of time
|
Detailed explanation-1: -Gross Domestic Product (GDP) is the value of all the final goods and services produced within a country in a particular year. The sum of production in all three sectors of an economy also gives us its GDP and indicates how big an economy is.
Detailed explanation-2: -The correct option is b. The market value of all final goods and services produced in a nation during a period of time. By its own definition, the term GDP refers to the market value of all the final services and products that a country can produce in a given period of time.
Detailed explanation-3: -GDP or Gross Domestic Product is the monetary value of all goods and services produced within a country’s geographical boundaries during a given period.
Detailed explanation-4: -Gross Domestic Product or GDP is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period (usually a year).
Detailed explanation-5: -Gross Domestic Product is the monetary value of all goods and services produced in a country in a specific time period. It is a measure of a country’s economic growth. With increased GDP, generally, the per capita income also increases.