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Question
Two statements are given in the question below as Assertion (A) and Reason (R).
Read the statements, and choose the appropriate option.
Assertion (A): Not every goods and service produced in the economy must be counted to calculate the Gross Domestic Product.
Reason (R): The value of intermediate goods and services will be reflected in the value of the final goods and services.
[0.8 marks]
Two statements are given in the question below as Assertion (A) and Reason (R).
Read the statements, and choose the appropriate option.
Assertion (A): Not every goods and service produced in the economy must be counted to calculate the Gross Domestic Product.
Reason (R): The value of intermediate goods and services will be reflected in the value of the final goods and services.
[0.8 marks]
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Solution
The correct option is A Both A and R are true, and R is the correct explanation of A.
Gross Domestic Product (GDP) is the value of all the final goods and services produced within a country in a year. The value of intermediate goods will not be included in the calculation of GDP. For example, the value of wheat flour, sugar, and other ingredients and services used to make a biscuit will be reflected in the biscuit’s price itself.
Gross Domestic Product (GDP) is the value of all the final goods and services produced within a country in a year. The value of intermediate goods will not be included in the calculation of GDP. For example, the value of wheat flour, sugar, and other ingredients and services used to make a biscuit will be reflected in the biscuit’s price itself.
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