Question

GDP stands for Gross Domestic Product. What does it show? Pick the correct sentences about GDP.

• A. An indicator of how big an economy is in terms of output
• B. GDP of India is estimated by the Central Government Ministry
• C. Shows the number of people involved in production in a particular year
• D. Identifies the goods and services that are used for further production

Answer 1

Answer: (A), (B)

GDP of India is estimated by the Central Government Ministry

Gross Domestic Product (GDP) of a country is the sum of all the final goods and services produced in all the three sectors in a particular year. It shows the total production in a country. It shows how big the economy of a country is, in a given year, in terms of its total output. The task of estimating the GDP in India is undertaken by the Central Government Ministry.