The monetary value of all goods and services produced in a country in a specific time period is called ___.

Maximum Retail Price (MRP)

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Gross Domestic Product (GDP)

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Gross National Product (GNP)

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Net National Product (NNP)

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Solution

The correct option is B Gross Domestic Product (GDP)
Gross Domestic Product is the monetary value of all goods and services produced in a country in a specific time period. It is a measure of a country's economic growth. With increased GDP, generally, the per capita income also increases.

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Similar questions

Consider the following statements: -

1. National disposable income includes Net National Product at Market prices only.

2. GDP is a measure of National Income/ National output and National expenditure produced in a particular country.

3. GNP includes the value of all goods and services produced by nationals whether in the country a abroad.

4. GNP does not include dividends and interest from abroad in Income.

Which of the above statements is are correct?

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