| With reference to Indian economy, consider the following statements. |
| 1. The rate of growth of Real Gross Domestic Product has steadily increased in the last decade. |
| 2. The Gross Domestic Product at market prices (in rupees) has steadily increased in the last decade. |
| Which of the statement(s) given above is/are correct? |
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: B
Solution :
Exp. [b] Real Gross Domestic Product (Real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation). This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output. The Economy of India is the seventh largest in the world by nominal GDP and the third largest by Purchasing Power Parity (PPP). GDP is the sum of consumer spending, investment made by industry, excess of exports over imports, and government spending. The GDP at market price of India has steadily increased in the last decades. Hence, option [b] is correct.
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