Question

Which of the following statements are correct regarding the gross domestic product of a country?

• A. It is measured in terms of monetary value of the goods and services.
• B. It also indicates the per capita income.
• C. It measures the size of an economy.
• D. It provides insights into the economic development of a country.

Answer 1

Answer: (A), (C), (D)

It provides insights into the economic development of a country.

Gross domestic product (GDP) is the measure of the monetary value of goods and services produced in a country during a certain period. It includes the value of everything that is produced in a country. Thus, the GDP of a country indicates the size of the economy and gives insights into its development.