The value of all final goods and services produced in each sector gives the total production of that sector.

False

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True

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Solution

The correct option is B True

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Q. What do we call the sum of value of all final goods and services produced in each sector during a particular year?

The final stage of economic growth in which leading sectors produce durable consumer goods and services is called ____________.

Choose the most appropriate answer.

(a) The sectors are classified into public and private sector on the basis of:

(i) employment conditions

(ii) the nature of economic activity

(iii) ownership of enterprises

(iv) number of workers employed in the enterprise

(b) Production of a commodity, mostly through the natural process, is an activity in ______________ sector.

(i) primary

(ii) secondary

(iii) tertiary

(iv) information technology

(i) all goods and services

(ii) all final goods and services

(iii) all intermediate goods and services

(iv) all intermediate and final goods and services

(d) In terms of GDP the share of tertiary sector in 2003 is _________

(i) between 20 per cent to 30 per cent

(ii) between 30 per cent to 40 per cent

(iii) between 50 per cent to 60 per cent

(iv) 70 per cent

GDP is the total money value of all final goods and services produced in a country in a year.

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?

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