Q. Consider the following statements:
1.Gross Domestic Product (GDP) is the value of all final goods and services produced within the boundary of a nation for one year period.
2.GDP is calculated by adding national private consumption, gross investment, government spending and trade balance.
Which of the statements given above is/are correct?
Answer: C
Notes:
Explanation: Gross Domestic Product (GDP) is the value of all final goods and services produced within the boundary of a nation for one year period.
For India, this calendar year is from 1st April to 31st March. It is also calculated by adding national private consumption, gross investment, government spending and trade balance (exports-minus-imports).
Source: Ramesh Singh
