It is not for a specific period of time. It measures only goods and not services. It is a non monetary measure. - GDP (Gross Domestic Product) is defined as the market value of all the final goods and services produced within a country's borders in a specific time period. - Statement (a) "It is not for a specific period of time": GDP is always calculated for a specific period, usually a quarter or a year. This statement is wrong. - Statement (b) "It measures only goods and not services": GDP includes both final goods and services. This statement is wrong. - Statement (c) "It is a non monetary measure": GDP is a monetary measure, expressed in a country's currency, representing the market value of production. This statement is wrong.
What are the facts related to defining GDP?
Asked in TNPSC CS Prelims 2021 · Topic: National Income & Gross Domestic Product (Gross Domestic Product (GDP): Concepts and Measures)
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Answer: C. (a), (b), (c) are wrong
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