GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GDP I is the sum of
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All the goods and services produced in a year
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All the final goods and services produced in a year
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All the intermediate goods produced in a year
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all the services produced in a year
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Explanation:
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: -Nominal GDP reflects the raw numbers in current dollars unadjusted for inflation. Real GDP adjusts the numbers by fixing the currency value, thus eliminating any distortion caused by inflation or deflation.
There is 1 question to complete.