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      Question

      Identify the correct formula which states the relation

      between GDP and GVA.
      A GDP (MP) = тИС GVA (Basic Prices) + Product Taxes тАУ Product Subsidies Correct Answer Incorrect Answer
      B GDP (MP) = тИС GVA (Basic Prices) - Product Taxes + Product Subsidies Correct Answer Incorrect Answer
      C GDP (Basic Prices) = тИС GVA (Market Price) + Product Taxes тАУ Product Subsidies Correct Answer Incorrect Answer
      D GDP (Basic Prices) = тИС GVA (Market Price) - Product Taxes + Product Subsidies Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      GDP (MP) = тИС GVA (Basic Prices) + Product Taxes тАУ Product Subsidies We can also write above formula as GDP (MP) = тИС GVA (Basic Prices) + Net Product Taxes. Here, itтАЩs important to understand the concepts of Factor Cost, Basic Prices, Market Price, Product Taxes and Production taxes. Watch vide again and make your own notes.

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