Consider the following statementsregarding Gross Domestic Product:(i) It is the value added by all thefirms in the economy(ii) It is the final value of goods andservices produced in the economy(iii) It is the sum of final consumptionand investment expenditure andnet of exports and imports(iv) It is the income received by thefour factors of productionSelect the correct answer using thecode given below:(a) (i) & (ii) only(b) (i), (ii) & (iii only(c) (i), (ii) & (iv) only(d) All of the aboveActivateGo to Settir

The modern concept of GDP or Gross domestic product first was developed by Simon Kuznets.

Answered: Consider the following statements…

Consider the following statements regarding Gross Domestic Product: (i) It is the value added by all the firms in the economy (ii) It is the final value of goods and services produced in the economy

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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Question

Consider the following statements
regarding Gross Domestic Product:
(i) It is the value added by all the
firms in the economy
(ii) It is the final value of goods and
services produced in the economy
(iii) It is the sum of final consumption
and investment expenditure and
net of exports and imports
(iv) It is the income received by the
four factors of production
Select the correct answer using the
code given below:
(a) (i) & (ii) only
(b) (i), (ii) & (iii only
(c) (i), (ii) & (iv) only
(d) All of the above
Activate
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