WORLD HISTORY

Detailed explanation-1: -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-2: -The correct answer is All final goods and services. Gross Domestic Product: 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.

Detailed explanation-3: -Gross Domestic Product is the monetary value of all goods and services produced in a country in a specific time period. It is a measure of a country’s economic growth. With increased GDP, generally, the per capita income also increases.

Detailed explanation-4: -Real GDP is a macroeconomic statistic that measures the value of the goods and services produced by an economy in a specific period, adjusted for price changes, Essentially, it measures a country’s total economic output, taking price changes into account-whether they are due to inflation or deflation.

Detailed explanation-5: -Gross Domestic Product or GDP is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period (usually a year).