Which of the following statements about Gross Domestic Product (GDP) of a country is/are correct?

1. It represents the total value of goods and services produced within a country's geographical boundaries in a given year.
2. Non-monetary exchanges, such as barter transactions, are excluded from GDP estimation.
3. An increase in GDP signifies that all residents of the country are better off compared to the past.

Select the correct answer using the code below.

Q) Consider the following statements:

1. Nominal GDP is calculated using current market prices, whereas Real GDP is calculated using constant prices from a base year.
2. Nominal GDP of a country is always higher than its Real GDP.

Which of the above statements is/are correct?