Q1. 'PPP' in terms of Gross Product stands for:
A Purchasing Power Parity Correct
B Public Private Partnership
C Purchasing Power Price
D Public Partner Price
Explanation
In national-income comparisons, PPP means Purchasing Power Parity. It adjusts the value of output or income for differences in price levels across countries, so Gross Domestic Product can be compared more realistically. Public Private Partnership is also abbreviated as PPP, but it refers to an infrastructure or service-delivery arrangement, not Gross Product measurement. Purchasing Power Price is not the accepted economic term. Public Partner Price is also not a standard expression in national accounts or macroeconomic comparisons.