SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It shows how big is the economy of a country in a given year in terms of its total output.
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It shows what the total product of a country in a given year without counting the country’s total resources.
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It shows the number of people involved in production in a particular year.
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It shows the total value of trade trans-actions of a country in a particular year.
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Detailed explanation-1: -Gross Domestic Product (GDP) of a country is the sum of all the final goods and services produced in all the three sectors in a particular year. It shows the total production in a country. It shows how big the economy of a country is, in a given year, in terms of its total output.
Detailed explanation-2: -The correct answer is GDP equals the value of all finished goods and services generated within a country in a given time period. Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
Detailed explanation-3: -GDP or Gross Domestic Product is the monetary value of all goods and services produced within a country’s geographical boundaries during a given period. It is an indicator of the ‘size of an economy’.