Question

GDP stands for Gross Domestic Product. What does it show? Pick up the correct statement given below:

Options

• It shows how big is the economy of a country in a given year in terms of its total output.

• It shows the total product of a country in a given year without counting the country’s total resources.

• It shows the number of people involved in production in a particular year.

• It shows the total value of trade transactions of a country in a particular year.

Answer 1

It shows how big is the economy of a country in a given year in terms of its total output.