Indian Economy

General Studies (MTS)

Title

45:30

8 of 24 completed

5 of 15 completed

38 of 100 completed

8 of 20 completed

Indian Economy - Understanding the basics of Indian economic system

Which among the following is included in the gross domestic product?

This questions was previously asked in

SSC MTS 18th October 2021 Shift-1

Sale of used goods

Bartered goods and services

Sales of final goods

Transfer payments

- Option 1: Sale of used goods

- Used goods aren't counted in GDP. GDP measures the value of new production, not resale.

- They were included in GDP when first sold as new goods.

- Option 2: Bartered goods and services

- Often excluded from GDP as they are hard to track.

- However, if reported, their estimated market value can be included.

- Option 3: Sales of final goods

- Final goods are included as they represent new production.

- They are end-products consumed by the final user, not intermediate products.

- Option 4: Transfer payments

- Not included in GDP since they don’t reflect production of goods/services.

- Examples include social security and unemployment benefits.