GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It shows how big is the economy of a country in a given year in terms of its total output.
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It shows what the total product of a country in a given year without counting the country’s total resources.
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It shows the number of people involved in production in a particular year.
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It shows the total value of trade trans-actions of a country in a particular year.
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Detailed explanation-1: -Gross Domestic Product (GDP) of a country is the sum of all the final goods and services produced in all the three sectors in a particular year. It shows the total production in a country. It shows how big the economy of a country is, in a given year, in terms of its total output.
Detailed explanation-2: -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).
Detailed explanation-3: -The GDP is the total of all value added created in an economy. The value added means the value of goods and services that have been produced minus the value of the goods and services needed to produce them, the so called intermediate consumption.
Detailed explanation-4: -gross domestic product (GDP) the total value of all final goods and services produced in a particular economy; the dollar value of all final goods and services produced within a country’s borders in a given year. intermediate goods.