GK
BUSINESS ECONOMICS
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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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per capita GDP
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Gross National Product
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None of the above
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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 is the total money value of all final goods and services produced in a country in a year.
Detailed explanation-3: -In economic terms, the total market value of all final goods and services produced in a country in a given year is known as Gross Domestic Product (GDP).
Detailed explanation-4: -Gross domestic product (GDP) is the value of the finished domestic goods and services produced within a nation’s borders. On the other hand, gross national product (GNP) is the value of all finished goods and services owned by a country’s citizens, whether or not those goods are produced in that country.