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Q.

Select if the given statement is true/false:

In the calculation of GDP, the value of every good and service produced in the economy is added.

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a

True

b

False

answer is B.

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Detailed Solution

The given statement is false.
GDP or Gross Domestic Product refers to the final value of goods and services produced in an economy over some time. By final goods, it means that the value of intermediate goods is not taken into consideration as their value is already included in that of the final goods. Thus, including them again would lead to double counting.
The correct statement is that only the value of final goods and services is included in the calculation of GDP.

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