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 groups and services
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All intermediate and final groups 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: -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-3: -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-4: -Final goods and services are goods and services that have been purchased for final use or goods and services that will not be resold or used in production within the year.