Choose the most appropriate answer. GDP is the total value of _________ produced during a particular year. a) all goods and services b) all final goods and services c) all intermediate goods and services d) all intermediate and final goods and services

Answer: The Correct answer is option (b) – all final goods and services.

Gross Domestic Product (GDP)

  • To understand how large the economy of a nation is , then GDP is a good indicator.
  • There are three sectors of the economy and it is the sum of the value produced in all three sectors.
  • The Central Ministry estimates the Gross Domestic Product (GDP) of India by collecting all the information related to the total volume of goods and services and their prices. 
  • This information is collected from different government departments of all Indian union territories and Indian states.
  • In terms of total production, the services sector has become very vital.
  • In developed countries, most of the people are employed in the services sector.
  • Whereas in the case of India, there has not been significant changes in the employment share in the three sectors of economy although there has been big change in the share of three sectors to the nations GDP.
  • Agriculture sector’s contribution to GDP is less, on the other hand the number of people employed in the agriculture sector is very high.
  • Among all three sectors, the tertiary sector contributes the highest to the country’s GDP.

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