The total value of _______ goods and services produced in a year, indicates national income.

Question

Question

This question was previously asked in

SSC GD Constable (2022) Official Paper (Held On : 23 Jan 2023 Shift 3)

Answer 1

The correct answer is final.

Key Points

The correct option is option 3 - final goods.
Final goods refer to those goods that are meant for final consumption and not for resale or further processing.
The total value of final goods and services produced in a year is known as Gross Domestic Product (GDP), which is a measure of the country's economic performance.
Hence, the statement is correctly answered as option 3 - final goods.

Additional Information

Intermediary goods (option 1) are those goods that are used in the production of other goods and services and do not have any value in themselves. They are not included in the calculation of GDP.
Unfinished goods (option 2) are goods that are still in the process of being manufactured and do not have any final value yet. They are also not included in the calculation of GDP.
Commercial goods (option 4) refer to goods that are used for commercial purposes and can include both final and intermediary goods. This option is not correct as it is too broad and does not specify whether the goods are final or intermediary.