GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All goods and services
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All final goods and services
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All intermediate goods and services
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All intermediate and final goods and services
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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: -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.
Detailed explanation-3: -Answer and Explanation: The statement, “Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time, ‘’ is False. GDP measures total output, not total expenditures.