Which of the following is a component of GDP? (2022)
Practice Questions
Q1
Which of the following is a component of GDP? (2022)
Consumption
Investment
Government Spending
All of the above
Questions & Step-by-Step Solutions
Which of the following is a component of GDP? (2022)
Step 1: Understand what GDP stands for. GDP means Gross Domestic Product, which is the total value of all goods and services produced in a country in a specific time period.
Step 2: Learn the main components of GDP. The main components are: consumption (spending by households), investment (spending on capital goods), and government spending (expenditures by the government).
Step 3: Identify the options given in the question. Check if they include consumption, investment, or government spending.
Step 4: Conclude that if all options listed are related to consumption, investment, or government spending, then they are all components of GDP.
