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What is the National Gross Domestic Prod...

What is the National Gross Domestic Product(GDP)?

A

The GDP that is calculated in terms of cryptocurrency.

B

The GDP that is calculated by taking a base year as a determinant.

C

The GDP that is calculated at the current market price.

D

The GDP that excludes all exports and imports in the calculation.

Text Solution

Verified by Experts

The correct Answer is:
C
Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country.s borders in a specific time period.
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Knowledge Check

  • What is Nominal Gross Domestic Product (GDP)?

    A
    The Gross Domestic Product (GDP) that is calculated by taking a base year as a determinant.
    B
    The Gross Domestic Product (GDP) that excludes all exports and imports in the calculation.
    C
    The Gross Domestic Product (GDP) that is calculated at the current market price.
    D
    The Gross Domestic Product (GDP) that is calculated in terms of crypto currency.

  • What was the Gross Domestic Product (GDP) for India in 2016-17 Financial Year?

    A
    `6.10%`
    B
    `7.10%`
    C
    8.10%`
    D
    `6.70%`

  • Name the Nobel Prize winning American economist whose report to the US Congress titled “National Income, 1929-35” paved the way for the calculation of Gross Domestic Product (GDP) as the ultimate measure of a country’s overall welfare.

    A
    Paul Samuelson
    B
    John Maynard Keynes
    C
    Simon Kuznets
    D
    Kenneth Arrow

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    How do we count various goods and services for calculating Gross Domestic Product (G.D.P) of a country? Explain with example.

    What is real gross domestic product ?

    With reference to Indian economy, consider the following statements : 1. The Gross Domestic Product (GDP) has increased by four times in the last 10 years 2. The percentage share of Public sector in GDP has declined in the last 10 years. Which of the statements given above is/are correct?

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