Question
Download Solution PDFThe money value of all the final goods and services produced within the country during a particular year is called _________.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is gross domestic product.
Key Points
- The money value of all the final goods and services produced within the country during a particular year is called Gross Domestic Product.
- The nominal gross domestic product is the gross domestic product (GDP) evaluated at current market prices.
- Real GDP, on the other hand, is calculated by taking a base year as a determinant.
- Real GDP adjusts for price changes due to inflation/deflation.
- The main difference between nominal GDP and real GDP is the adjustment for inflation.
Additional Information
- The average income received per person in a given area (city, region, world, etc in a given year is determined by per capita income (PCI) or average income.
- Net domestic product (NDP) is an annual measure of the economic output of a nation that is adjusted to account for depreciation.
- The National Income of any country means the complete value of the goods and services produced by any country during its financial year.
Last updated on Jun 12, 2025
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