Question

Read the below case and answer the question that follows:

The country's real gross domestic product (GDP) is likely to expand by 11 percent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching PRE-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms. "With progress in developing an effective vaccine for COVID-19 and signals of faster-than-expected recovery in the domestic economy, and also supported by a low base, we expect the real GDP to grow at 11 percent in F/Y 22, from the estimated contraction of 7 percent to 7.5 percent in F/Y 21," the agency said. According to the first advance estimates of national income released by the National Statistical Office (NSO), the country's GDP is estimated to contract by a record 7.7 percent during the current financial year. - "Real GDP to grow at 11 percent in F/Y 22: Report"                                  Economic Times, 21st Jan 2021

Real GDP is when the goods and services are produced by all producing units in the domestic territory of a country during an accounting year and valued at ______ prices or constant prices.

विकल्प

• base year's

• current year's

• both base year's and current year's

• neither base years nor current year's

Answer 1

Real GDP is when the goods and services are produced by all producing units in the domestic territory of a country during an accounting year and valued at base year's prices or constant prices.

Explanation:

Real GDP is GDP calculated using market prices from a given base year.