Question

True or false: Intermediate goods are included in the calculation of GDP.

Answer 1

When calculating the gross domestic product, economists do not include in intermediate products (GDP). The market worth of all finished goods and services produced in the economy is gauged by GDP. These items would be tallied twice, thus they are not included in the calculation.

What do you mean by GDP ?

A broad financial indicator of a country's entire economic activity is the gross domestic product, or GDP. It serves as a gauge for the total amount of finished goods and services produced over a certain time. GDP is also used to assess a country's level of living.

• All consumption, consumer spending, government spending, national investment, firm capital expenditures, and total net exports—that is, the difference between total exports and total imports—are added together to get this figure.
• Gross domestic product (GDP) is a monetary indicator of the total market value of all the final commodities and services that nations generate and sell over a given time period. This measurement is frequently changed before it can be trusted as an indicator because of how complicated and subjective it is.

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