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Match the Following

Matrix:

Column I

Column II
(a)

Sum of all values of final goods and services produced in a country during a particular year
(i)
Intermediate Goods
(b)

Goods used up during the production process
(ii)

Economic Activities

(c)
Goods which are ready for use or final consumption
(iii)
GDP

(d)

Activities that contribute to the flow of goods and services in an economy
(iv)
Final Goods

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a-ii; b-iv; c-i; d-iii

a-iii; b-i; c-iv; d-ii

a-iv; b-iii; c-ii; d-i

None of these

answer is B.

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Detailed Solution

1)      Gross domestic product refers to the values of final goods and services produced by all three sectors during a particular year.
2)      Goods used in the production process or for further production are called Intermediate goods. For example, machinery used to manufacture mobile phones.
3)      Final goods are those goods that are ready for consumption by households or anybody.
4)      Economic activities contribute to the movement of products and services throughout an economy. Economic activities are those which are performed for monetary benefits. For example, the work done by a housewife is not an economic activity as no salary is provided for the same.

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