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Q.

What is known as the sum total of production of three sectors of an economy?

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a

Gross Domestic Product

b

Gross Revenue

c

Net Revenue

d

Net Domestic Product

answer is A.

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Detailed Solution

GDP is the sum of total production in the economy's Primary, Secondary, and Tertiary sectors every year. Total production in each sector is the value of all final goods and services produced in that particular sector. We do not include the value of intermediate goods and services because they are used in the production of final goods, and having their value will lead to double counting. GDP tells us how powerful an economy is in monetary terms.

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