The sum of the monetary value of all final goods and services produced across all sectors within a country during a specific year is referred to as :
Gross Domestic Product (GDP)
In national income accounting, “gross” means depreciation has not been deducted and “domestic” means production inside the country's geographical boundary, whoever produces it.
The market value of all final goods and services produced within a country in a year, before deducting depreciation, is therefore Gross Domestic Product.
Net Domestic Product is GDP minus depreciation; Gross National Product adds net factor income from abroad to GDP, so it counts output by nationals rather than output within the country; Net National Product is GNP minus depreciation. The stem mentions neither depreciation nor income from abroad.
Gross Domestic Product (GDP) option is correct.
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Important Questions from National Income Accounting
- The ratio of nominal to real Gross Domestic Product is called :
Consider the following statements:
1. Statistics day is celebrated every year on 29th July.
2. National Statistical Commission was set up in 2004.
3. The base year of Consumer Price Index (Rural) is same as that of Consumer Price Index (Urban) i.e. 2012 = 100.
Which of the above statements is/are false?- The value of the gross investment in order to accommodate regular wear and tear of capital is called:
- In India, National Income is computed by:
- As per Ministry of Statistics and Programme Implementation, which state of India has the highest per capita income for 2018-19?
