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Consider the following statements regarding the Gross domestic product (GDP)?
1. It is a quantitative concept whose volume/size indicates the internal strength of the economy.
2. It does not say anything about the qualitative aspects of the goods and services produced.
3. It is used by the IMF/World Bank.
Which of these statements is/are correct?
- a)1 and 2 Only
- b)2 and 3 Only
- c)1 and 3 Only
- d)All of them
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding the Gross domestic produc...
Explanation:
Gross domestic product (GDP) is a measure of the economic performance of a country as a whole. It is the total value of all final goods and services produced within a country's borders in a specific time period, usually a year. The correct statements regarding GDP are:
1. GDP is a quantitative concept whose volume/size indicates the internal strength of the economy:
This means that GDP provides a measure of the size of the economy, which reflects the total economic activity in a country. A higher GDP usually indicates a stronger economy, while a lower GDP indicates a weaker economy.
2. GDP does not say anything about the qualitative aspects of the goods and services produced:
This means that GDP only measures the quantity of goods and services produced, not their quality. For example, if a country produces more low-quality goods, its GDP will still increase, even though the standard of living may not improve.
3. GDP is used by the IMF/World Bank:
The International Monetary Fund (IMF) and the World Bank use GDP as a key indicator of a country's economic performance. They use it to compare the economic performance of different countries and to determine the eligibility for loans and aid.
Therefore, all the given statements are correct, making option D the correct answer.
Gross domestic product (GDP) is a measure of the economic performance of a country as a whole. It is the total value of all final goods and services produced within a country's borders in a specific time period, usually a year. The correct statements regarding GDP are:
1. GDP is a quantitative concept whose volume/size indicates the internal strength of the economy:
This means that GDP provides a measure of the size of the economy, which reflects the total economic activity in a country. A higher GDP usually indicates a stronger economy, while a lower GDP indicates a weaker economy.
2. GDP does not say anything about the qualitative aspects of the goods and services produced:
This means that GDP only measures the quantity of goods and services produced, not their quality. For example, if a country produces more low-quality goods, its GDP will still increase, even though the standard of living may not improve.
3. GDP is used by the IMF/World Bank:
The International Monetary Fund (IMF) and the World Bank use GDP as a key indicator of a country's economic performance. They use it to compare the economic performance of different countries and to determine the eligibility for loans and aid.
Therefore, all the given statements are correct, making option D the correct answer.
Community Answer
Consider the following statements regarding the Gross domestic produc...
C
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Consider the following statements regarding the Gross domestic product (GDP)? 1. It is a quantitative concept whose volume/size indicates the internal strength of the economy. 2. It does not say anything about the qualitative aspects of the goods and services produced. 3. It is used by the IMF/World Bank. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?
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Consider the following statements regarding the Gross domestic product (GDP)? 1. It is a quantitative concept whose volume/size indicates the internal strength of the economy. 2. It does not say anything about the qualitative aspects of the goods and services produced. 3. It is used by the IMF/World Bank. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Gross domestic product (GDP)? 1. It is a quantitative concept whose volume/size indicates the internal strength of the economy. 2. It does not say anything about the qualitative aspects of the goods and services produced. 3. It is used by the IMF/World Bank. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Gross domestic product (GDP)? 1. It is a quantitative concept whose volume/size indicates the internal strength of the economy. 2. It does not say anything about the qualitative aspects of the goods and services produced. 3. It is used by the IMF/World Bank. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?.
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