Question
General Knowledge Question on National Income Accounting
Given below are two statements:
Statement I: Gross Domestic Product (GDP) is the final value of the goods and services produced with in the geographical boundaries of a country during a year.
Statement II: GDP equals the Net Domestic Product (NDP) plus depreciation (Value of loss of an asset) on country's capital goods.
In the light of the above statements, choose the most appropriate answer from the options given below
A
Both Statement I and Statement II are correct
B
Both Statement I and Statement II are incorrect
C
Statement I is correct but Statement II is incorrect
D
Statement I is incorrect but Statement II is correct
Answer
Both Statement I and Statement II are correct
Explanation
Solution
The correct option is(A): Both Statement I and Statement II are correct