5. Question Consider the following statements. 1.GDP is th | Vision UPSC Quiz

5. Question
Consider the following statements.

1.GDP is the total market value of all goods and services produced in the economy during a particular year, excluding taxes and subsidies on products.
2.Real GDP growth measures how much the production of goods and services in the economy has increased in actual physical terms during a year.
3.Nominal GDP growth helps to measure the increase in incomes resulting from rise in both production and prices.
Which of the above statements is/are correct?