SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All the goods and services produced in a year
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All the final goods and services produced in a year
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All the intermediate goods produced in a year
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all the services produced in a year
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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: -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: -GDP is the sum total of the goods and services produced within a country, used to compare countries’ economic performance. GDP can be measured by calculating consumption and investment, the value of final goods, or total income. A 1% fall in the unemployment rate yields a roughly 3% rise in GDP.