GDP Definition
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Question (English)
Gross Domestic Product (GDP) is defined as:
- Total exports minus total imports
- Market value of all final goods and services produced in a country during a year ✓ Correct
- Total government revenue in a year
- Total savings of all individuals
Explanation:
Correct Answer Explanation
GDP is the market value of all the final goods and services produced in the country during a year.
Key Points:
- A good indicator of economic growth is steady increase in GDP.
- GDP is derived from three sectors: agricultural, industrial, and service.
- GDP can be compared to a cake — growth means increase in its size.
📚 About this Topic — CH-2: INDIAN ECONOMY 1950–1990
This multiple choice question is from CH-2: INDIAN ECONOMY 1950–1990, Indian Economic Development, NCERT Books. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-2: INDIAN ECONOMY 1950–1990 to strengthen your preparation.
