The term 'Gross Value Added at basic prices' equals GDP at market prices minus: MCQ with Answer and Explanation

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The term 'Gross Value Added at basic prices' equals GDP at market prices minus:

A. factor income from abroad

B. depreciation

C. indirect taxes plus subsidies

D. indirect taxes net of subsidies plus net product taxes

Answer: Option D

Solution (By JKSSB Mock Tests)

GVA at basic prices equals GDP at market prices minus net product taxes and other adjustments.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is NOT a method of privatisation?

A. Nationalisation

B. Strategic sale

C. Public-private partnership

D. Disinvestment of shares

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Correct Answer: Option A

Explanation:
Nationalisation is the opposite of privatisation; it involves taking private assets into public ownership. Privatisation methods include disinvestment, strategic sale and PPP.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on services by the United Nations and international organizations is:

A. 18%

B. 0%

C. 5%

D. exempt

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Correct Answer: Option D

Explanation:
Services by UN and specified international organizations are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Quasi-rent is associated with:

A. fixed factors in the short run

B. labour only

C. money supply

D. land in the long run

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Correct Answer: Option A

Explanation:
Quasi-rent is the short-run return to a fixed factor of production.

This question belongs to: Economy GK Economy Set 1

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