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      Question

      With reference to the Gross Domestic Product (GDP),

      select the correct statement from the option given below:
      A For effective measurement, it is also calculated only by adding national private consumption, trade balance (exports minus imports) and government spending. Correct Answer Incorrect Answer
      B Gross, means the same thing in Economics and Commerce as ‘total’ means in Mathematics. Correct Answer Incorrect Answer
      C The use of the exports-minus-imports factor, is to add the expenditures on imports not produced in the nation only. Correct Answer Incorrect Answer
      D GDP is a qualitative concept and its growth indicates development. Correct Answer Incorrect Answer

      Solution

      The term ‘gross’, means the same thing in Economics and Commerce as ‘total’ means in Mathematics. The term ‘domestic’ means all economic activities done within the boundary of a nation/ country and by its own capital; The term ‘product’ is used to define ‘goods and services’ together; and ‘final’ means the stage of a product after which there is no known chance of value addition in it.

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