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Q.

Mention if the given statement is true or false:

GDP calculates the value of final goods and services along with the value of intermediate goods.

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a

True

b

False

answer is B.

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Detailed Solution

The given statement is false.
GDP, Gross Domestic Product, is defined as the final value of all goods and services produced in an economy in a financial year. The value of intermediate goods is not taken into consideration as their value is already included in the value of final goods. Final goods are the ones that have crossed the value addition stages and can be sold to the end customer. Thus, including the value of intermediate goods will lead to double counting.
Thus, the correct statement is that GDP calculates the value of only the final goods and services.

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Mention if the given statement is true or false:GDP calculates the value of final goods and services along with the value of intermediate goods.