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Q.

GDP is the total value of all ____ produced during a particular year.


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Detailed Solution

GDP is the total value of all final goods and services produced during a particular year. The value of intermediate goods is ignored while calculating the GDP because the inclusion of intermediate goods will lead to the problem of double counting. The central government makes an estimate based on the total production of the nation. It identifies the production-based total growth of a nation's economic well-being.
 
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GDP is the total value of all ____ produced during a particular year.