CBSE 2023 Class 12 Economics Outside Delhi Set 1

Question : 6 of 52

Marks: +1, -0

Read the following statements carefully:
Statement 1: Gross Domestic Product (GDP) is the sum total of the gross market value of all the final goods and services added by all the sectors in the economy during a fiscal year.
Statement 2: Gross Value Added at Market Price (GVA

A_{M P}

) is equal to the excess of value of output over intermediate consumption.
In the light of the given statements, choose the correct alternative from the following:

Statement 1 is true and Statement 2 is false.
Statement 1 is false and Statement 2 is true.
Both Statements 1 and 2 are true.
Both Statements 1 and 2 are false.

Solution:

Both Statements 1 and 2 are true.
Explanation: (GDP) Gross Domestic Product is the sum of market value of all the final goods and services produced in the domestic boundary of a country in an accounting year.
And

G V A_{M P}=

Value of Output - Intermediate consumption

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