economicsHow to count various goods and services and total production in each sector?

How to count various goods and services and total production in each sector?


  1. A
    Gross National product
  2. B
    Gross Domestic Product
  3. C
    Net National Product
  4. D
    Net Domestic Product  

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    Solution:

    Gross Domestic Product counts various goods and services and total production in each sector.
    Gross domestic product (GDP) is the total value of all final goods and services produced in all three sectors of the economy, primarily primary, secondary, and tertiary sectors, in a given year. It shows us the total production of goods in a country in a given particular year. The task of estimating the GDP of India is undertaken by the central government ministry. To avoid double-counting, GDP only includes the value of final goods and services; if intermediate goods are included, the value of goods added twice to GDP.
     
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