Answer to Question #130591 in Economics for Atharva Choudhary

Question

GDP stands for Gross Domestic Product. What does it show? Choose the correct statement given below: *

(a) It shows the number of people involved in production in a particular year.

(b) It shows how big the economy of a country is in a given year in terms of its total output.

(c) It shows the total value of trade transactions of a country in a particular year.

(d) It shows the total product of a country in a given year without counting the country’s total resources.

Answer 1

GDP stands for Gross Domestic Product.

The correct answer is:

(d) It shows the total product of a country in a given year without counting the country’s total resources.