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प्रश्न
GDP is the total value of ______ produced during a particular year.
विकल्प
all goods and services
all final goods and services
all intermediate goods and services
all intermediate and final goods and services
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उत्तर
GDP is the total value of all final goods and services produced during a particular year.
Explanation:
To avoid double-counting, Gross Domestic Product (GDP) assesses only the monetary worth of final goods purchased by end users. The value of intermediary items (such as flour needed to bake bread) is already included in the product’s ultimate price, thus adding them separately would artificially inflate the economy’s true size.
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संबंधित प्रश्न
Fill in the blanks using the correct option given in the bracket:
Cotton is a ______ product and cloth is a ______ product. (natural/manufactured)
Which of the following activities does not belong to the primary sector?
Which of the following sectors is the largest employer in India?
Which sector has emerged as the largest producing sector in India? Select one from the following alternatives:
Which of the following activities is not the activity of the primary sector?
The service sector includes activities such as ____________.
Who carries economic activities?
More than half of the workers in the country are working in which of the primary sectors:
Growth of cotton plant mainly depends on natural factors such as:
Good produced by exploiting natural resources belong which of the following sectors:
Secondary sector is also called:
Tertiary sector is also called:
Production in the period 1973-2003 has increased the most in:
Choose the correct Pair from the following.
Study the following picture. The work done in the picture comes under which one of the following sectors of the economy?
Read the source given below and answer the questions that follow:
| For comparing countries, their income is considered to be one of the most important attributes. Countries with higher income are more developed than others with less income. This is based on the understanding that more income means more of all things that human beings need. Whatever people like, and should have, they will be able to get with greater income. So, greater income itself is considered to be one important goal. Now, what is the income of a country? Intuitively, the income of the country is the income of all the residents of the country. This gives us the total income of the country. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Are people in one country better off than others in a different country? Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called per capita income. In World Development Reports, brought out by the World Bank, this criterion is used in classifying countries. Countries with per capita income of US \$ 49,300 per annum and above in 2019, are called high income or rich countries and those with per capita income of US $ 2500 or less are called low-income countries. The rich countries, excluding countries of Middle East and certain other small countries are generally called developed countries. |
- Explain the significance of per capita Income.
- What are the classifications of countries based on per capita income, and which entity is responsible for determining these classifications?"
Read the source given below and answer the questions that follow:
| For comparing countries, their income is considered to be one of the most important attributes. Countries with higher income are more developed than others with less income. This is based on the understanding that more income means more of all things that human beings need. Whatever people like, and should have, they will be able to get with greater income. So, greater income itself is considered to be one important goal. Now, what is the income of a country? Intuitively, the income of the country is the income of all the residents of the country. This gives us the total income of the country. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Are people in one country better off than others in a different country? Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called per capita income. In World Development Reports, brought out by the World Bank, this criterion is used in classifying countries. Countries with per capita income of US \$ 49,300 per annum and above in 2019, are called high income or rich countries and those with per capita income of US $ 2500 or less are called low-income countries. The rich countries, excluding countries of Middle East and certain other small countries are generally called developed countries. |
What are the classifications of countries based on per capita income, and which entity is responsible for determining these classifications?
