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Question
Q. With reference to the ‘methods of GDP calculation’, Consider the following statements:
Which of the statements given above is/are correct?
Q. With reference to the ‘methods of GDP calculation’, Consider the following statements:
Which of the statements given above is/are correct?
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Solution
The correct option is C
Both 1 and 2
Explanation:
Statement 1 is correct: GDP in Value Addition method is calculated using the , aggregate annual value of goods and services produced that does not include the value of intermediate goods used during the production process.
Statement 2 is correct: GDP in expenditure method is calculated by looking at the demand side of products. It includes consumption expenditure made by Households, government and foreign countries (Export and imports).
Both 1 and 2
Explanation:
Statement 1 is correct: GDP in Value Addition method is calculated using the , aggregate annual value of goods and services produced that does not include the value of intermediate goods used during the production process.
Statement 2 is correct: GDP in expenditure method is calculated by looking at the demand side of products. It includes consumption expenditure made by Households, government and foreign countries (Export and imports).
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