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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

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B

b) 2 and 3 only

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C

c) 1 and 3 only

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D

d) All of the above

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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.


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