Question

Which one of the following statements about GDP is correct A. GDP is the national income minus all non income charges against output B.GDP is the Monetary value of all final goods and services produced within the borders of a nation in a particular year C. GDP is the monetary value of all economic resources used in producing a Year’s output D. GDP is the monetary value of all goods and services, final and intermediate, produced in a specific year

Answer 1

B.

A is nonsensical. C tries to refer to GDP calculated by the production method, but that is not the monetary value of inputs that is calculated, but it is the value added as it goes through each resident producing unit. D is almost right, but the counting of intermediate goods is false.

Answer 2

Answer:

The answer is: B. GDP is the Monetary value of all final goods and services produced within the borders of a nation in a particular year.

Explanation:

Gross domestic product (GDP) is an economic indicator that reflects the monetary value of all final goods and services produced by a country or region in a given period of time, usually one year. It is used to measure the wealth of a country. It is also known as gross domestic product (GDP).

The answer is: B. GDP is the Monetary value of all final goods and services produced within the borders of a nation in a particular year.