Answer: Option D. -> final goods and services produced in an economy in a year.
Answer: (d)
GDP is defined as the value of all final goods and services produced in an economy in a year.
The total quantity of goods produced in an economy during the year is multiplied by their current prices to get the GDP. Gross Domestic Product can be calculated using formulas.
GDP = C + G + I + NX
Where, C - Private consumption or consumer spending in the national economy.
G - Sum of Govt. spending.
I - Sum of all the country’s investment including business Capital expenditure.
NX - Nation’s total next exports
NX = Export – Import

Answer: Option B. -> traditional agriculture sector and modern industrial sector
Answer: (b)
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand.
The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.

Answer: Option C. -> Gross national product at market prices minus depreciation and indirect taxes plus subsidies.
Answer: (c)

Answer: Option C. -> V. K. R. V Rao
Answer: (c)
The first person to adopt a scientific procedure in estimating the national income was Dr VKRV Rao in 1931.
PN Dhar - He was an economist & head of Indira Gandhi’s Secretariat Jagdish Bhagwati - An Indian Economist. He is a University professor of economics and law at Columbia University.

Answer: Option B. -> Gross National Income
Answer: (b)
The sum of a nation’s gross domestic product (GDP) plus net income received from overseas.
Gross national income (GNI) is defined as the sum of value added by all producers who are residents in a nation, plus any product taxes (minus subsidies) not included in the output, plus income received from abroad such as employee compensation and property income.

Answer: Option B. -> Service, Industry, Agriculture
Answer: (b)

Answer: Option B. -> Current monthly status
Answer: (b)

Answer: Option A. -> 1 and 2
Answer: (a)Both the statements are correct.

Answer: Option B. -> United States
Answer: (b)
The economy of France is the world’s largest single national economy.
It has the highest percentage of the services sector in the GDP equivalent to 79.8%.
The service sector percentage for India is 56.9%

Answer: Option D. -> Investment Method
Answer: (d)
The investment method is not a method of measurement of National income.
There are three methods of measurement:
income method,
product or value-added method and
the expenditure method.
The investment method is only appropriate if the property is let or operated under a management structure by a third party. Income method - Under this method National income is measured as a flow of factor income.