Read the following and answer the questions as follows
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 (R$ 10).
Similarly, the value of all other intermediate, goods would have been included. To count the value of the flour and
wheat separately is therefore not correct because then we would be counting the value of the same things a
number of times. First as wheat, then as flour and finally as biscuits.
In India, the mammoth task of measuring GDP is undertaken by a central government ministry. This
Ministry, with the help of various government departments of all the Indian states and union territories, collects
Information relating to total volume of goods and services and their prices and then estimates the GDP
Answer the following MCQs by choosing the most appropriate option
26.1 What are final goods?
a) Goods that are produced in the factory
b) Goods that are used in the Factory
c) Goods that reach the consumers
d) Goods that has added values
26.2 Identify an intermediate good from the following
a) Biscuits
by Garments
c) automobiles
d) Textiles
26.3 GDP is the total value of ------
produced during a particular year.
a) all goods and services
b) all final goods and services
c) all intermediate goods and services
d) all intermediate and final goods and services
26.4 The mammoth task of measuring GDP is under taken by
-------
a) a central government ministry
b) a state ministry
c) none of these
d) both A&B
(options BCD might be wrong I actually don't remember the options so choose the best one of these)
Answers
Answer:
Answer the following MCQs by choosing the most appropriate option
26.1 What are final goods?
a) Goods that are produced in the factory
b) Goods that are used in the Factory
c) Goods that reach the consumers
d) Goods that has added values
26.2 Identify an intermediate good from the following
a) Biscuits
b) Garments
c) automobiles
d) Textiles
26.3 GDP is the total value of ------ produced during a particular year.
a) all goods and services
b) all final goods and services
c) all intermediate goods and services
d) all intermediate and final goods and services
26.4 The mammoth task of measuring GDP is under taken by
-------
a) a central government ministry
b) a state ministry
c) none of these
d) both A&B
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Answer:
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