What does GDP stand for in economics?
Gross Domestic Product
Gross Domestic Product is correct.
GDP stands for Gross Domestic Product. It is the total market value of all final goods and services produced within the geographical boundaries of a country during a given period, usually a year or a quarter. 'Gross' means depreciation is not deducted, 'Domestic' means production inside the country's territory, whether by residents or foreigners, and 'Product' refers to final output.
GDP is the most widely used measure of the size of an economy; in India it is estimated by the National Statistics Office (NSO) under MoSPI. Government Domestic Plan, General Development Plan and Gross Demand Process are not standard economic terms, so Gross Domestic Product is the correct expansion.
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Important Questions from National Income Accounting
In the context of Indian economy, consider the following statements:
1) The growth rate of GDP has steadily increased in the last five years.
2) The growth rate in per capita income has steadily increased in the last five years.
Which of the statements given above is/are correct?
The national income of a country for a given period is equal to the
Which of the following Institutions estimate the national income of India?
Which of the following exchange rate is known as error prone swing?
______ are imposed on items like cigarettes and alcohol.
