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Q.

GDP is the total value of all ____ produced in a country in a financial year.

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Detailed Solution

GDP is the total value of all final goods and services produced in a country in a financial year. While calculating GDP, only the value of final goods and services is taken into consideration. The value of intermediate goods is not taken, since it will lead to double counting. For example, while calculating the value of a biscuit, the final value of the biscuit is taken and the value of sugar and flour are not added separately. This is because the value of biscuit already contains the value of sugar and flour.

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