Question
UPSC Prelims 2015 Question:
- 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 statements given above is/are correct?
Answer (Detailed Solution Below)
Option 2: 2 only
Detailed Solution
Explanation:
- The rate of growth of real Gross Domestic Product (GDP) has not been steady, rather there have been shock events like the Global Recession of 2008-09. It went down in 2008 as per the World Bank Data. So, statement 1 is not correct.
- However, the size of GDP has steadily increase at market prices in the last decade.
Therefore, option (2) is the correct answer.
Subject: Economics | National Income Accounting
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