Question
Download Solution PDFGross Domestic Product (GDP) of a country is
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is None of the above.
Key Points
- GDP:
- GDP’s full form is Gross Domestic Product is evaluated regularly to account for changing production structure, relative prices, and better recording of economic activities.
- Gross Domestic Product (GDP) is the total money value of final goods and services produced in the economic territories of a country in a given year. Hence, statement 1 is not correct.
- Non-monetary goods and services (e.g. cooking by housewife) are not included in GDP calculation. Hence, statement 2 is not correct.
- Economic transactions virtually include everything economic in the country. For e.g., if a stockbroker sells and purchases the same stock worth Rs. 1000 five times in a day, it does not increase the GDP of the country by Rs. 5000.
- Economic transactions may also include buying and selling of bonds, FII inflows, and outflows, etc. Hence, statement 3 is not correct.
- GDP includes the value of all goods and services produced within a country within a year.
- Source Link- https://ncert.nic.in/ncerts/l/leec102.pdf
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