GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All final goods and services
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All intermediate goods and services
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All goods and services
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Intermediate and final goods and services
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Detailed explanation-1: -GDP is the total money value of all final goods and services produced in a country in a year.
Detailed explanation-2: -To avoid double counting-adding the value of output to the GDP more than once-GDP counts only final output of goods and services, not the production of intermediate goods or the value of labor in the chain of production. The gap between exports and imports is called the trade balance.
Detailed explanation-3: -Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.