Question
Consider the following statements about Gross Domestic
Product (GDP): 1. GDP measures the total value of all final goods and services produced within a country's borders in a specific period. 2. GDP includes the value of intermediate goods to avoid double counting. 3. GDP is a reliable indicator of the standard of living in a country. Which of the above statements are correct?Solution
GDP measures the total value of final goods and services produced within a country's borders (statement 1). It excludes intermediate goods to avoid double counting (statement 2 is incorrect). While GDP reflects economic activity, it does not fully capture the standard of living (statement 3).
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