Q. With reference to the Gross Domestic Product, which of the following statements is/are NOT correct? :
1. It is the value of the all intermediate goods and services produced within the boundary of a nation during one year period.
2. It is calculated by adding national private consumption, gross investment, government spending and trade balance.
Select the correct answer using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
Notes:
  • Gross Domestic Product (GDP) is the value of the all final goods and services produced within the boundary of a nation during one year period.
  • It is also calculated by adding national private consumption, gross investment, government spending and trade balance (exports-minus-imports).

Source: Source