Which of the following things are taken into account while calculating GDP?

see full answer

Your Exam Success, Personally Taken Care Of

1:1 expert mentors customize learning to your strength and weaknesses – so you score higher in school , IIT JEE and NEET entrance exams.

An Intiative by Sri Chaitanya

Value of final goods and services

Value of intermediate goods

Value of both final and intermediate goods

None of the above

answer is A.

(Unlock A.I Detailed Solution for FREE)

Best Courses for You

JEE

NEET

Foundation JEE

Foundation NEET

CBSE

Detailed Solution

The value of final goods and services are the things taken into account while calculating GDP.
The total production of a sector for a given year is determined by the value of the finished goods and services produced in each industry during that year. And the Gross Domestic Product of a nation is calculated by adding the product in the primary, secondary, and tertiary sectors. It is the total dollar worth of all finished goods and services produced in a nation during a specific year. The GDP measures the size of the economy. For instance, if the GDP is up 3% year over year, it is assumed that the economy has expanded by 3% over the last year.

Watch 3-min video & get full concept clarity