Question : If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of the aggregate amount of goods and services produced by the economy in a year. Such an estimate is called ______.
Option 1: Net national product
Option 2: National income at factor price
Option 3: Net value added
Option 4: Gross domestic product
New: SSC MTS 2024 Application Form OUT; Direct Link
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: Gross domestic product
Solution : The correct option is a Gross domestic product .
Gross domestic product (GDP) represents the total monetary value of all finished goods and services produced within a country's borders in a specific period. It includes the value added by all industries. The sum of the gross value added by all firms in the economy is one way to calculate GDP, providing a comprehensive measure of the overall economic activity within a country.
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Question : ______ is the market value of all final goods and services produced within a domestic territory of a country measured in a year.
Question : If we deduct depreciation from GNP the measure of aggregate income that we obtain is called _____.
Question : Which of the following formulas is correct for Gross Value Added(GVA)?
Question : The product method used to calculate the annual value of goods and services produced is also called___________.
Question : In the product method for measurement of national income, we need to deduct the value of intermediate goods to ____.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile