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Multiple Choice Questions

Which of the following statements is correct ........

Economic and social issues (RBI) Growth and development

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Which of the following statements is correct?

GDP is total value of goods produced by resident of a country

GDP includes both marketable and non-marketable goods and service

GDP of a country includes factor income from abroad

GDP is the total value of all final goods and services produced within the country

None of the above

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Explanation:

It is defined as the total value of all final goods and services produced within the country in a given period of time- usually a year. In estimating GDP, only final marketable goods and services are considered. The value of intermediate goods is a part of the final goods and services and so is not counted separately as it amounts to double counting and exaggerates the value of output.

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