GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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goods produced in an economy in a year
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goods and servicesin an economy in a year
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final goods produced in an economy in a year
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final goods and services produced in an economy in a year
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Detailed explanation-1: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.
Detailed explanation-2: -Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).
Detailed explanation-3: -Gross Domestic Product or GDP is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period (usually a year).
Detailed explanation-4: -Real GDP in economics can be defined as the monetary value of all the final produced services and products measured at constant prices in the given fiscal year. Thus, it can be inferred that real GDP is measured on constant prices.