SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What does GDP refer to
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The value of goods and services produced by a country
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The number of people living in a country
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The average wage of the population
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Its how many points the country has gained on the HDI from the previous year.
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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 four components of gross domestic product are personal consumption, business investment, government spending, and net exports. 1 That tells you what a country is good at producing. GDP is the country’s total economic output for each year. It’s equivalent to what is being spent in that economy.
Detailed explanation-3: -Definition of real GDP: the production of goods and services valued at constant prices.
There is 1 question to complete.