GDP is generally calculated for which period?
Answer and explanation
Correct answer: One accounting year
GDP measures the market value of final goods and services produced within an economy during a specified accounting period. In standard national-income accounting, this period is generally one financial or accounting year. It is a flow measure, so it describes production over time rather than wealth accumulated on a single date or over a person’s lifetime.
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What is the correct answer to this question?
One accounting year
Why is this the correct answer?
GDP measures the market value of final goods and services produced within an economy during a specified accounting period. In standard national-income accounting, this period is generally one financial or accounting year. It is a flow measure, so it describes production over time rather than wealth accumulated on a single date or over a person’s lifetime.
Which subject and chapter does this question cover?
This is a Class 11 Economics question. Chapter: National Income and Related Aggregates.
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