Gross domestic product is the value of which of the following?
- A.All goods and services, final and intermediate, produced in a country in a year
- B.All final goods and services produced within a country in a year
- C.All goods exported by a country in a year
- D.All goods produced by the citizens of a country anywhere in the world
Correct answer
Explanation
The correct answer is B. Gross domestic product is the money value of all final goods and services produced within the boundaries of a country during a year, counted sector by sector.
Option A is the classic trap, because including intermediate goods would mean double counting: the value of the flour is already inside the price of the bread, so adding both inflates the total. Option C confuses GDP with exports, which are only one part of demand. Option D describes a measure based on nationals rather than territory, which is the idea behind gross national product; the difference between the two is the net factor income earned from abroad. In India these estimates are prepared and published by the Ministry of Statistics and Programme Implementation.
Read the full article: Sectors of the Indian Economy: Primary to Tertiary
Practice Questions
View allMining is classified under which sector of the economy?
- A.Primary sector
- B.Secondary sector
- C.Tertiary sector
- D.Quaternary sector
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Mining takes a product straight out of nature without changing its form, exactly as farming, fishing and forestry do, and every activity of that kind is placed in the primary sector.
Read the full explanation →Which sector of the economy is also known as the service sector?
- A.Primary sector
- B.Secondary sector
- C.Tertiary sector
- D.Public sector
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It produces no goods at all; it provides services such as transport, storage, communication, trade, banking, insurance, education, health care and administration, which is why it is commonly called the service sector.
Read the full explanation →Disguised unemployment is most commonly found in which sector in India?
- A.Agriculture
- B.Information technology
- C.Banking
- D.Mining
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On a small family holding every member of the household may work on the land even though the work needs far fewer hands; if some of them were withdrawn, total output would not fall.
Read the full explanation →How many days of wage employment in a financial year does MGNREGA guarantee to a rural household?
- A.50 days
- B.100 days
- C.150 days
- D.200 days
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The Mahatma Gandhi National Rural Employment Guarantee Act, passed in 2005, guarantees one hundred days of wage employment in a financial year to every rural household whose adult members volunteer to do unskilled manual work.
Read the full explanation →Which sector employs the largest share of India's workforce?
- A.Primary sector
- B.Secondary sector
- C.Tertiary sector
- D.Quaternary sector
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Agriculture and its allied activities still give work to the largest number of Indians, even though the sector's contribution to national income is far smaller than that share of employment would suggest.
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