Assertion : When calculating the total value of goods and services produced in a country, the value of all goods and services at each stage of production should be calculated. Reason : At each stage of production some value is added to a good or service, therefore, the value added at each stage of production is added to derive the total value of goods and services in an economy.
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Ans : (a) Both assertion and reason are true, and reason is the correct explanation of assertion. GDP is the value of all final goods and services produced within a country. A higher GDP is indicative of higher production level and higher economic activity.
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