Multiple Choice Questions on With reference to the Gross Domestic Product GDP consider the following statements It is a measure o........... for Combined State Civil Services Preparation

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Multiple Choice Questions

With reference to the Gross Domestic Product GDP consider the following statements It is a measure o...........

Indian Economic System(CSC) Growth and development
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    With reference to the Gross Domestic Product (GDP), consider the following statements

    1. It is a measure of total value of a country’s annual output of goods and services produced within country.
    2. It is released by the National Statistical Organisation.

    Select the correct statement.

    1 only

    Incorrect Answer

    2 only

    Incorrect Answer

    Both

    Correct Answer

    None

    Incorrect Answer
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    Explanation:
    • Gross Domestic Product (GDP) is a measure of economic activity in a country. It is the total value of a country’s annual output of goods and services.
    • While Gross Value Added is a measure of total output in the economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services. 
    • The National Statistical Organisation releases the GDP data.

    Hence both statements are correct.

    By: Shubham Tiwari
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