SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GDP IS THE TOTAL VALUE OF ____ PRODUCED DURING A PARTICULAR YEAR.
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ALL GOODS AND SERVICES
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ALL FINAL GOODS AND SERVICES
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ALL INTERMEDIATE GOODS AND SERVICES
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ALL INTERMEDIATE AND FINAL GOODS AND SERVICES
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Explanation:
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: -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-3: -Definition of real GDP: the production of goods and services valued at constant prices.
There is 1 question to complete.