Question
Consider the following: 1. GVO is a broader
measure than GDP. 2. GVO is the total value of production. Which of the following statements are correct?Solution
- Gross Value of Output (GVO) is the total market value of all goods and services produced by an industry or sector within a specific period, before deducting the cost of intermediate goods. It represents the total sales or revenue of a sector. GVO is a broader measure than Gross Domestic Product (GDP), as it includes both final and intermediate goods.
- GVO can be calculated as the sum of an industry’s value added (like GDP) plus its intermediate inputs. It can also be measured as the total sales or revenue of an industry, before deducting intermediate costs.
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