Choose the given statement is true/false:

A GDP of a country can tell whether a country is expanding by producing more goods and services, or contracting by producing less.

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True

False

answer is A.

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Detailed Solution

The given statement is true.
A country's GDP is the gross domestic product, which in simple words, is the income achieved by all the final goods and services produced in the country. It easily defines the development status of the country. But along with this, several other factors that should be examined to assure development and satisfaction in the standard of living at the very individual levels are: ensuring equal income share to everyone and provision for several opportunities; ensuring employee satisfaction to attain self-reliance and independence; encouraging every economic activity to uplift financial inequalities; etc.

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