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The Gross Domestic Product of a country is defined as which among the following?
- a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.
- b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.
- c)It is the total value of the goods and services produced in a country in a financial year.
- d)It is the total value of the finished goods and services produced outside a country in a financial year.
Correct answer is option 'C'. Can you explain this answer?
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The Gross Domestic Product of a country is defined as which among the ...
- The Gross Domestic Product is defined as the total value of the finished goods and services produced within the boundary of a country in a financial year.
- The GDP of India has shown a growth of 8.2% in the first quarter of the FY 2018-19.
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The Gross Domestic Product of a country is defined as which among the ...
Understanding Gross Domestic Product (GDP)
GDP is a crucial economic indicator, representing the overall economic health of a country. It quantifies the total value of all finished goods and services produced within a country's borders during a specific period, typically a financial year.
Definition of GDP
- GDP is defined as the total monetary value of all final goods and services produced in a country within a given timeframe.
- It includes everything produced by all sectors of the economy, including manufacturing, services, and agriculture.
Why Option C is Correct
- The correct answer is option C because it accurately describes GDP as the total value of goods and services produced **within** a country.
- This encompasses production by both domestic and foreign entities operating inside the country's borders, excluding any income generated by its residents abroad.
Key Components of GDP
- **Consumption**: The total spending by households on goods and services.
- **Investment**: The sum of private domestic investments in capital.
- **Government Spending**: Expenditures by the government on goods and services.
- **Net Exports**: The difference between exports (goods/services sold abroad) and imports (goods/services purchased from abroad).
Conclusion
Understanding GDP helps in assessing a country's economic performance and formulating economic policies. Unlike other options, which misinterpret the scope and source of the production, option C correctly encapsulates the essence of GDP as a measure of domestic economic activity.
GDP is a crucial economic indicator, representing the overall economic health of a country. It quantifies the total value of all finished goods and services produced within a country's borders during a specific period, typically a financial year.
Definition of GDP
- GDP is defined as the total monetary value of all final goods and services produced in a country within a given timeframe.
- It includes everything produced by all sectors of the economy, including manufacturing, services, and agriculture.
Why Option C is Correct
- The correct answer is option C because it accurately describes GDP as the total value of goods and services produced **within** a country.
- This encompasses production by both domestic and foreign entities operating inside the country's borders, excluding any income generated by its residents abroad.
Key Components of GDP
- **Consumption**: The total spending by households on goods and services.
- **Investment**: The sum of private domestic investments in capital.
- **Government Spending**: Expenditures by the government on goods and services.
- **Net Exports**: The difference between exports (goods/services sold abroad) and imports (goods/services purchased from abroad).
Conclusion
Understanding GDP helps in assessing a country's economic performance and formulating economic policies. Unlike other options, which misinterpret the scope and source of the production, option C correctly encapsulates the essence of GDP as a measure of domestic economic activity.
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The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer?
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The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer?.
The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer?.
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The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice The Gross Domestic Product of a country is defined as which among the following?a)It is the value of all the goods and services produced by the citizens of a country, both domestic and non-residents, in a financial year.b)It is the total value of the finished goods and services produced by the skilled citizens of a country in a financial year.c)It is the total value of the goods and services produced in a country in a financial year.d)It is the total value of the finished goods and services produced outside a country in a financial year.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Railways tests.
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