SSC MTS / SSC GD Exam > SSC MTS / SSC GD Questions > What is GDP (Gross Domestic Product)?a)The to...
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What is GDP (Gross Domestic Product)?
- a)The total money earned by a nation's government
- b)The total value of all goods and services produced within a country's borders in a specific time period
- c)The total value of all exports minus imports
- d)The total value of all investments made by domestic firms
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
What is GDP (Gross Domestic Product)?a)The total money earned by a nat...
Understanding GDP (Gross Domestic Product)
GDP, or Gross Domestic Product, is a key economic indicator that measures the economic performance of a country. It represents the total value of all goods and services produced within a nation's borders over a specific period, typically a year or a quarter.
Why Option B is Correct
The correct answer, option 'B', highlights the essential components of GDP:
Other Options Explained
- Option A: This refers to government revenue, not the entire economy.
- Option C: This describes the trade balance, focusing on exports and imports, which is part of GDP but not the entire picture.
- Option D: This pertains to investments, which are one component of GDP but do not encompass all economic activities.
Importance of GDP
GDP is crucial for policymakers, economists, and investors as it provides insights into the health of an economy, guides fiscal policy, and helps in comparing economic performance over time or between different economies.
Understanding GDP is vital for making informed decisions regarding economic policies and investments.
GDP, or Gross Domestic Product, is a key economic indicator that measures the economic performance of a country. It represents the total value of all goods and services produced within a nation's borders over a specific period, typically a year or a quarter.
Why Option B is Correct
The correct answer, option 'B', highlights the essential components of GDP:
- Total Value: GDP encompasses the monetary value of all finished goods and services.
- Produced Within Borders: It includes only those goods and services produced within a country's geographical boundaries, regardless of whether the producers are domestic or foreign entities.
- Specific Time Period: GDP is measured over a defined timeframe, allowing for comparisons over different periods to assess economic growth or contraction.
Other Options Explained
- Option A: This refers to government revenue, not the entire economy.
- Option C: This describes the trade balance, focusing on exports and imports, which is part of GDP but not the entire picture.
- Option D: This pertains to investments, which are one component of GDP but do not encompass all economic activities.
Importance of GDP
GDP is crucial for policymakers, economists, and investors as it provides insights into the health of an economy, guides fiscal policy, and helps in comparing economic performance over time or between different economies.
Understanding GDP is vital for making informed decisions regarding economic policies and investments.
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What is GDP (Gross Domestic Product)?a)The total money earned by a nat...
GDP is a key indicator of a country's economic health. It measures the total monetary value of all goods and services produced within a country's borders in a given time period (usually a year).
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What is GDP (Gross Domestic Product)?a)The total money earned by a nations governmentb)The total value of all goods and services produced within a countrys borders in a specific time periodc)The total value of all exports minus importsd)The total value of all investments made by domestic firmsCorrect answer is option 'B'. Can you explain this answer?
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What is GDP (Gross Domestic Product)?a)The total money earned by a nations governmentb)The total value of all goods and services produced within a countrys borders in a specific time periodc)The total value of all exports minus importsd)The total value of all investments made by domestic firmsCorrect answer is option 'B'. Can you explain this answer? for SSC MTS / SSC GD 2025 is part of SSC MTS / SSC GD preparation. The Question and answers have been prepared according to the SSC MTS / SSC GD exam syllabus. Information about What is GDP (Gross Domestic Product)?a)The total money earned by a nations governmentb)The total value of all goods and services produced within a countrys borders in a specific time periodc)The total value of all exports minus importsd)The total value of all investments made by domestic firmsCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for SSC MTS / SSC GD 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is GDP (Gross Domestic Product)?a)The total money earned by a nations governmentb)The total value of all goods and services produced within a countrys borders in a specific time periodc)The total value of all exports minus importsd)The total value of all investments made by domestic firmsCorrect answer is option 'B'. Can you explain this answer?.
What is GDP (Gross Domestic Product)?a)The total money earned by a nations governmentb)The total value of all goods and services produced within a countrys borders in a specific time periodc)The total value of all exports minus importsd)The total value of all investments made by domestic firmsCorrect answer is option 'B'. Can you explain this answer? for SSC MTS / SSC GD 2025 is part of SSC MTS / SSC GD preparation. The Question and answers have been prepared according to the SSC MTS / SSC GD exam syllabus. Information about What is GDP (Gross Domestic Product)?a)The total money earned by a nations governmentb)The total value of all goods and services produced within a countrys borders in a specific time periodc)The total value of all exports minus importsd)The total value of all investments made by domestic firmsCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for SSC MTS / SSC GD 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is GDP (Gross Domestic Product)?a)The total money earned by a nations governmentb)The total value of all goods and services produced within a countrys borders in a specific time periodc)The total value of all exports minus importsd)The total value of all investments made by domestic firmsCorrect answer is option 'B'. Can you explain this answer?.
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