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Question
Which of the following features are related with Real Gross Domestic Product?
Options
Real Gross Domestic Product (GDP) refers to the market value of the final goods and services produced within the domestic territory of the country
It is also known as GDP at constant prices.
Both Real Gross Domestic Product (GDP) refers to the market value of the final goods and services produced within the domestic territory of the country and it is also known as GDP at constant prices.
None of the above
Solution
Both Real Gross Domestic Product (GDP) refers to the market value of the final goods and services produced within the domestic territory of the country and it is also known as GDP at constant prices.
Explanation:
The market value of the final products and services produced inside the domestic territory of a country during a financial year, which are included in GDP, is valued at constant (fixed) prices, i.e. prices from the base year. GDP at constant prices is another name for it.
