wiz-icon
MyQuestionIcon
MyQuestionIcon
14
You visited us 14 times! Enjoying our articles? Unlock Full Access!
Question

Q7. Consider the following statement :

1. GDP gives a picture of the state of economic activity from the producers’ side or supply side.

2. GVA provides the rupee value for the amount of goods and services produced in an economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services.

3. GVA also gives sector-specific picture like what is the growth in an area, industry or sector of an economy.

Which of the above statements are correct?


A

a) 1 and 2 only

No worries! We‘ve got your back. Try BYJU‘S free classes today!
B

b) 2 and 3 only

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
C

c) 1 and 3 only

No worries! We‘ve got your back. Try BYJU‘S free classes today!
D

d) All of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is B

b) 2 and 3 only


  • While GVA gives a picture of the state of economic activity from the producers’ side or supply side, the GDP model gives the picture from the consumers’ side or demand perspective.
  • GVA is a measure of total output and income in the economy.
  • It provides the rupee value for the amount of goods and services produced in an economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services.

It also gives sector-specific picture like what is the growth in an area, industry or sector of an economy.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Plant Breeding
BIOLOGY
Watch in App
Join BYJU'S Learning Program
CrossIcon