WBCS.LIVE practice question

If there are N firms in the economy, each assigned with a serial number from 1 to N, then as per the product method, GDP can be written as ______.

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. GVA (1) + GVA (2) ...... + GVA (N)
  2. NVA (1) + NVA (2) ...... + NVA (N)
  3. GVA (1) + GVA (2) ...... + GVA (N)
  4. GVA (1) + GVA (2) + GVA (3) + GVA (4) ......

Correct answer and explanation

Correct answer: GVA (1) + GVA (2) ...... + GVA (N)