GDP stands for Gross Domestic Product. What does it show? Pick up the correct statement given below:

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It shows the economy of a country in a given year in terms of its total output.

It shows the total product of a country in a given year without counting the country’s total resources.

It shows the number of people involved in production in a particular year.

It shows the total value of trade transactions of a country in a particular year.

answer is A.

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Detailed Solution

GDP shows the economy of a country in a given year in terms of its total output. GDP is the total final value of all goods and services produced within the geographical boundaries of a country. It depicts a country's total production in a given year without taking into account the country's total resources. When discussing a country's GDP, the following keywords have to be considered: Total output denotes the market value of all final goods produced in a country in terms of money prices. A given year denotes annual output in which the final goods are only counted once, and a country denotes output produced within a domestic territory.

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