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The money value of all final goods and services produced within a country during aparticular year is called
[2011 (T-1)]
- a)Gross domestic product
- b)Net domestic product
- c)National product
- d)Production of secondary sector
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
The money value of all final goods and services produced within a coun...
The money value of all final goods and services produced within a country during a particular year is called Gross Domestic Product (GDP).
The options provided are as follows:
A: Gross domestic product
B: Net domestic product
C: National product
D: Production of secondary sector
To explain why the correct answer is A: Gross domestic product, we can break down the options and provide more information:
Option A: Gross domestic product
- GDP is the total value of all final goods and services produced within a country's borders during a specific time period, usually a year.
- It includes goods and services produced by both domestic and foreign entities within the country.
- GDP is an important measure of economic activity and is used to analyze the overall health and growth of a country's economy.
Option B: Net domestic product
- Net domestic product (NDP) is a measure of economic output that takes into account depreciation or wear and tear on capital goods.
- NDP is calculated by subtracting depreciation from the gross domestic product.
- While NDP is a useful measure for assessing the sustainability of economic growth, it is not the correct answer in this context.
Option C: National product
- National product refers to the total value of goods and services produced by the residents of a country, regardless of where they are located.
- It includes both domestic production and production by nationals abroad.
- While related to GDP, national product is not the correct term for the specific context described in the question.
Option D: Production of secondary sector
- The secondary sector refers to the part of the economy that includes manufacturing, construction, and other industrial activities.
- While the production of the secondary sector contributes to GDP, it does not encompass the entirety of GDP.
Therefore, the correct answer to the question is A: Gross domestic product.
Most Upvoted Answer
The money value of all final goods and services produced within a coun...
Explanation:
Gross Domestic Product (GDP):
- Gross Domestic Product (GDP) is the total monetary value of all final goods and services produced within a country's borders in a specific time period, usually a year.
- It is a comprehensive measure of a country's overall economic activity and is considered one of the most important indicators of an economy's health.
- GDP includes all private and public consumption, government outlays, investments, and net exports that occur within a country's borders.
Net Domestic Product (NDP):
- Net Domestic Product (NDP) is calculated by subtracting depreciation from GDP. Depreciation accounts for the wear and tear on capital goods over time.
- NDP provides a more accurate picture of an economy's productive output by adjusting for the replacement of worn-out capital goods.
National Product:
- National Product includes GDP and net income earned from overseas investments.
- It measures the total output produced by a country's residents, regardless of where they are located.
Production of Secondary Sector:
- The production of the secondary sector refers to manufacturing and construction activities within an economy.
- It is a subset of GDP that focuses on the production of tangible goods.
In this context, the correct answer is Gross Domestic Product (GDP) as it represents the total monetary value of all final goods and services produced within a country during a particular year.
Gross Domestic Product (GDP):
- Gross Domestic Product (GDP) is the total monetary value of all final goods and services produced within a country's borders in a specific time period, usually a year.
- It is a comprehensive measure of a country's overall economic activity and is considered one of the most important indicators of an economy's health.
- GDP includes all private and public consumption, government outlays, investments, and net exports that occur within a country's borders.
Net Domestic Product (NDP):
- Net Domestic Product (NDP) is calculated by subtracting depreciation from GDP. Depreciation accounts for the wear and tear on capital goods over time.
- NDP provides a more accurate picture of an economy's productive output by adjusting for the replacement of worn-out capital goods.
National Product:
- National Product includes GDP and net income earned from overseas investments.
- It measures the total output produced by a country's residents, regardless of where they are located.
Production of Secondary Sector:
- The production of the secondary sector refers to manufacturing and construction activities within an economy.
- It is a subset of GDP that focuses on the production of tangible goods.
In this context, the correct answer is Gross Domestic Product (GDP) as it represents the total monetary value of all final goods and services produced within a country during a particular year.
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The money value of all final goods and services produced within a country during aparticular year is called[2011 (T-1)]a)Gross domestic productb)Net domestic productc)National productd)Production of secondary sectorCorrect answer is option 'A'. Can you explain this answer?
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