The 'Gross Value Added' at basic prices for an enterprise equals: MCQ with Answer and Explanation

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The 'Gross Value Added' at basic prices for an enterprise equals:

A. output minus intermediate consumption

B. output plus taxes

C. sales plus profits

D. output plus subsidies

Answer: Option A

Solution (By JKSSB Mock Tests)

GVA = output minus intermediate consumption.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Cardinal utility analysis assumes that utility:

A. is not comparable across persons

B. depends on income only

C. cannot be measured in numbers

D. can be measured in cardinal numbers

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Correct Answer: Option D

Explanation:
Cardinal utility analysis assumes utility can be quantified in numerical units such as utils.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major objective of economic planning in a developing country?

A. Maximising inequality

B. Achieving higher growth with social justice and poverty reduction

C. Only maximising exports without domestic development

D. Complete reliance on market forces without intervention

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Correct Answer: Option B

Explanation:
Economic planning in developing countries typically aims at accelerating growth, reducing poverty, promoting equity and modernising the economic structure.

This question belongs to: Economy GK Economy Set 1

Question #3

The Reserve Bank of India was nationalized in the year:

A. 1935

B. 1949

C. 1955

D. 1947

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Correct Answer: Option B

Explanation:
The RBI was nationalized in 1949.

This question belongs to: Economy GK Economy Set 1

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