Question

1 Read the extract and answer the questions given below:
The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country. It is the value of all final goods and services produced within a country during a particular year. GDP shows how big the economy is.
Why are only ‘final goods and services’ counted? In contrast to final goods, goods such as wheat and the wheat flour in this example are intermediate goods. Intermediate goods are used up in producing final goods and services. The value of final goods already includes the value of all the intermediate goods that are used in making the final good. Hence, the value of Rs 60 for the biscuits (final good) already includes the value of flour (Rs 10). Similarly, the value of all other intermediate goods would have been included. To count the value of the flour and wheat.
A. What do you understand by Gross Domestic Product?
B. What do you understand by the problem of double counting?
C. Name the intermediate goods in making of biscuits.
D. Name the three sectors whose sum of production makes the GDP

Answer 1

Answer:

Nooooooooo problemmmmm

Answer 2

Answer:

I am fine Insha

U can call me Karthik

How are u dear friend :)

Explanation: