SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GDP of a country is based on ____
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Total value of goods and services
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Final value of goods and services
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Initial value of goods and services
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All of these
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Explanation:
Detailed explanation-1: -Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.
Detailed explanation-2: -GDP is the total money value of all final goods and services produced in a country in a year.
Detailed explanation-3: -To avoid double counting-adding the value of output to the GDP more than once-GDP counts only final output of goods and services, not the production of intermediate goods or the value of labor in the chain of production.
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