To calculate GDP we need

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Quantity of final goods and services produced in a country

Prices of final goods and services

Both 1 & 2

None of the above

answer is C.

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Detailed Solution

To calculate GDP, we need the number of final goods and services produced in a country and the final goods and services prices.
The total monetary or market worth of all the final products and services produced within a nation's boundaries during a specific period is known as the gross domestic product (GDP).
The total private and public consumption, government expenditures, investments, increases in private inventories, paid-in building expenses, and the foreign balance of trade are all included in a nation's GDP computation. Moreover, all items included in the nominal GDP are valued at the prices at which they were sold throughout the year. So, to compute GDP, we must know the number of final products and services produced in a nation and the final goods' and services' respective prices.

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