GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pick the incorrect option:GDP is defined as Gross Domestic Product of a country when we take into account the
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value of final goods and services produced in each sector during a particular year, providing the total production of the sector for that year.
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The sum of production in the three sectors gives us the GDP.
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The value of intermediate goods that are used in making the final goods.
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None of the above is incorrect
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Explanation:
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).
Detailed explanation-2: -The gross domestic product is the total monetary or market worth of all finished goods and services produced within the borders of a nation in a given time period. Gross Domestic Product does not include the value of final goods and services produced in the transboundary of a country. Hence statement 1 is incorrect.
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