SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Both A and R are true and R is the correct explanation of A.
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Both A and R are true but R is not the correct explanation of A.
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A is true but R is false.
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A is false but R is true.
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Detailed explanation-1: -Explanation: GDP (Gross Domestic Product) is the total production of all the sectors of the country within a year. Statement A asserts that the production of the final goods and services within 3 sectors is called the GDP of a country.
Detailed explanation-2: -Assertion (A): Not every good or service that is produced and sold needs to be counted to know the total production in each sector. Reason (R): The value of final goods already includes the value of all the intermediate goods.
Detailed explanation-3: -The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country.
Detailed explanation-4: -Real gross domestic product (GDP): The total market value of all final goods and services produced in an economy in a given year, calculated by using a base year’s price for goods and services; nominal GDP adjusted for inflation. Also known as constant-dollar GDP.