Sectors of economy

GDP is the total value of _____________ produced during a particular year.

• all goods and services

• all final goods and services

• all intermediate goods and services

• all intermediate and final goods and services

GDP stands for Gross Domestic Product. What does it show? Pick up the correct statement given below:

• It shows how big is the economy of a country in a given year in terms of its total output.

• It shows what the total product of a country in a given year without counting the country’s total resources.

• It shows the number of people involved in production in a particular year.

• It shows the total value of trade trans-actions of a country in a particular year.

Identify the natural product from the list of items given below:

• Textile

• Wheat flour

• Cotton

• Tomtao sauce

Which among the following falls under the primary sector?

• Tailor

• Basket weaver

• Bee keeper

• money lender

When we produce a good by exploiting natural resources it is called……..?

• Tertiary

• Primary

• Secondary

• Quaternary

(i) Employment in the service sector (a)   increased to the same extent as production. (has / has not)

Most of the workers in the (a)   sector enjoy job security. (organised / unorganised)

The activities in primary, secondary and tertiary sectors are (a)   [independent / interdependent]

(a) The sectors are classified into public and private sector on the basis of:

• employment conditions

• the nature of economic activity

• ownership of enterprises

• number of workers employed in the enterprise

Answer explanation

ownership of enterprises

GDP is the total value of _________ produced during a particular year

• all goods and services

• all intermediate goods and services

• all final goods and services

• all intermediate and final goods and services