Full Form of GDP
What does GDP stand for?
- Gross Development Product
- Gross Domestic Product — Correct Answer
- General Domestic Produce
- Gross Domestic Produce
Explanation:
Correct Answer Explanation
GDP stands for Gross Domestic Product — the total monetary value of all final goods and services produced within a country during a specific period.
Key Points:
- Industrial sector's contribution to GDP or Gross Value Added remained very small during colonial period.
- GDP is a key indicator of economic performance.
- Gross Value Added (GVA) is GDP minus taxes plus subsidies on products.
📚 About this Topic — CH-1: INDIAN ECONOMY ON THE EVE OF INDEPENDENCE
This multiple choice question is from CH-1: INDIAN ECONOMY ON THE EVE OF INDEPENDENCE, Indian Economic Development, NCERT Books. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-1: INDIAN ECONOMY ON THE EVE OF INDEPENDENCE to strengthen your preparation.
