ECONOMICS (CBSE/UGC NET)

ECONOMICS

INFLATION

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What does GDP mean?
A
The value of all of the final goods and services produced in a country in a given year
B
All of the good people in a country
C
All of the groceries sold in a country in a given year
D
None of the above
Explanation: 

Detailed explanation-1: -What is Gross Domestic Product. Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.

Detailed explanation-2: -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-3: -GDP is the total money value of all final goods and services produced in a country in a year.

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 (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).

There is 1 question to complete.