Assertion: GDP shows how big an economy is.

Reason: GDP is the value of all goods and services produced within the domestic territory of a country in a year.

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Both (A) and (R) are true and (R) is the correct explanation of (A).

Both (A) and (R) are true but (R) is not the correct explanation of (A).

(A) is true but (R) is false.

(A) is false but (R) is true.

answer is A.

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Detailed Solution

Both (A) and (R) are true and (R) is the correct explanation of (A).
Gross Domestic Product (GDP) is the total monetary value of all final goods and services produced within a country's geographic boundaries during a given period (usually a year). The Gross Domestic Product (GDP) is one of the most critical indicators of a country's economic status.
GDP is the sum of the values of all final goods and services generated by all sectors of a nation within a specific year. It reveals how advanced and prosperous an economy is.

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