Question

In the context of GDP which statement is correct? Explain why other are wrong statements. a) GDP is the total production from each of the 3 sectors of economy b) GDP is the total income generated from each of the 3 sectors of the economy c) GDP is the total number of goods produced in each sector of the economy d) GDP is the total value of goods and services from the 3 sectors of the economy

Answer 1

Answer:

Definition of 'Gross Domestic Product'

1. Output Method: This measures the monetary or market value of all the goods and services produced within the borders of the country. In order to avoid a distorted measure of GDP due to price level changes, GDP at constant prices o real GDP is computed.

Explanation:

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