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SSC MTS 2022 PYQ — Question 30

SSC MTS - 21 July 2022 - Shift 2 • General Awareness • Q30

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What term describes the year whose prices are utilized to compute the real GDP?

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Correct answer: B

Explanation

The correct answer is Option 2 i.e. Base year.

  • The prices from a specified "base year" are employed to compute the real GDP for subsequent years.

  • Economists utilize Gross Domestic Product (GDP) to gauge and contrast economic stability and growth.

  • There are three distinct methods for determining GDP: the expenditure, income, and product approaches.

  • The calculation of GDP using the expenditure approach consists of four components.