Question

Which of the following statements is/are correct with regard to the calculation of GDP of a country?

• A. It calculates only the value of goods produced.
• B. GDP is calculated in monetary terms.
• C. It considers only the final value of the produces.
• D. It indicates the size of the economy.

Answer 1

Answer: (B), (C)

It considers only the final value of the produces.

GDP is the measure of the final value of goods and services produced in a country during a certain period of time, generally one year. It is expressed as the monetary value of the final goods and services produced. It indicates the size of the economy and economic development.