GDP stands for

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Gross domestic product

Gross domestic price

Gross development price

None of above

answer is A.

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Detailed Solution

GDP stands for Gross Domestic Product. GDP is the total value of all final goods and services produced by all three sectors within the country’s boundary in a year. The central ministry calculates the GDP with the help of various government departments and agencies that determine the number of goods and services produced and their prices and then calculate the GDP. GDP shows how the three sectors of the economy are working and how much each industry is giving it is contributing to the GDP. It is also figured out through the GDP which sector dominates or is overgrowing. Only final goods and services are taken in GDP, not intermediate goods.

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