What do you mean by GDP?

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The total sum of the value of all the final and intermediate goods and services of all the sectors of the economy of a country.

The total sum of the value of all final goods and services of all the sectors of the economy of a country produced during a year.

The total sum of the value of all final goods and services of all the sectors of the economy of a country, produced in two years.

None of the above.

answer is B.

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Detailed Solution

A nation's GDP is the sum of the value of all final goods and services produced in a year by all economic sectors. "GDP" stands for Gross Domestic Product. The value of intermediate goods is not added to the GDP as it is already included in the value of final goods. If the value of intermediate goods is added during the GDP calculation, it raises the problem of double counting. It shows the total production of a country for a year. The Central Government of the country undertakes it. It gives an estimate of the economic situation of the country.

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