Question

Which of the following factors are considered when calculating GDP? I. Goods produced within a country by citizens of that country II. Goods produced within a country by residents who are not citizens III. Goods produced within a country for use in production of other goods IV. Goods produced by a country’s citizens outside of its borders a. II and III b. I only c. I and II d. I, II, III, and IV.

Answer 1

GDP refers to the total value of goods and services produced by resident and non-resident during a year in a country.

What is GDP?

Gross Domestic Product refer to the gross value (in terms of money) of finished goods and services produced in a country within a year by resident and non-resident in domestic territory of the country.

The above option I and II describes the factors considered for calculation of GDP, i.e. Goods produced  by citizens as well as non-resident within a country.

Therefore, option c aptly describes the factors considered for calculating GDP.

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