[amp_mcq option1=”2nd” option2=”4th” option3=”6th” option4=”10th” correct=”option1″]<\/p>\n
The correct answer is (a) 2nd.<\/p>\n
The International Monetary Fund (IMF) publishes the World Economic Outlook (WEO) twice a year, which includes data on the size of economies in terms of gross domestic product (GDP). GDP is the total value of all goods and services produced in a country in a given year. It can be measured in nominal terms, which is the value of goods and services produced in a given year using the prices of that year, or in real terms, which is the value of goods and services produced in a given year using the prices of a base year.<\/p>\n
The IMF also publishes data on GDP in terms of purchasing power parity (PPP). PPP is a measure of the relative purchasing power of different currencies. It is calculated by comparing the prices of a basket of goods and services in different countries. Countries with a high PPP have a higher purchasing power for goods and services than countries with a low PPP.<\/p>\n
In the 2022 April WEO, the IMF estimated that India’s GDP in nominal terms was $3.2 trillion. This made India the world’s sixth largest economy. However, India’s GDP in PPP terms was $10.5 trillion. This made India the world’s second largest economy, after China.<\/p>\n
The other options are incorrect because they do not reflect India’s GDP in PPP terms.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”2nd” option2=”4th” option3=”6th” option4=”10th” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-140","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n