ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Final goods
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Intermediate goods
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Second hand goods
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Black market activity
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Detailed explanation-1: -The correct answer is Sales of final goods. Sales of final goods are included in the gross domestic product. GDP or Gross Domestic Product is the total value or market value of all the goods and services in a year in a country’s economy.
Detailed explanation-2: -The calculation of a country’s GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade. (Exports are added to the value and imports are subtracted).
Detailed explanation-3: -GDP is defined as the current value of all final goods and services produced in a nation in a year.
Detailed explanation-4: -Only final products and services are accounted for since a firm has to stay away from numerous counts. The costs take care of the expense of every single transitional phase when producing the product or item and services that were utilized to create the final yield.