What is the main meaning of Gross Domestic Product?
Answer and explanation
Correct answer: The gross value of final goods and services produced within domestic territory in one year
GDP represents the gross value of final goods and services produced within the economic or domestic territory of a country during a particular period, generally one year. It follows the location principle rather than the citizenship principle. Since it is gross, depreciation has not yet been deducted from the value of production.
Frequently asked questions
What is the correct answer to this question?
The gross value of final goods and services produced within domestic territory in one year
Why is this the correct answer?
GDP represents the gross value of final goods and services produced within the economic or domestic territory of a country during a particular period, generally one year. It follows the location principle rather than the citizenship principle. Since it is gross, depreciation has not yet been deducted from the value of production.
Which subject and chapter does this question cover?
This is a Class 11 Economics question. Chapter: National Income and Related Aggregates.
