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. indirect taxes net of subsidies plus net product taxes

B. factor income from abroad

C. depreciation

D. indirect taxes plus subsidies

Answer: Option A

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

The concept of 'Say's Law' states that:

A. Demand creates its own supply

B. Supply creates its own demand

C. Government intervention is necessary

D. Money is the most important factor

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Correct Answer: Option B

Explanation:
Say's Law of Markets, associated with classical economics, states that 'supply creates its own demand', implying that general overproduction is impossible.

This question belongs to: Economy GK Economy Set 1

Question #2

A current account deficit means that:

A. imports of goods, services and income exceed exports

B. capital inflows exceed outflows

C. foreign exchange reserves increase

D. exports of goods and services exceed imports

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Correct Answer: Option A

Explanation:
A current account deficit occurs when imports of goods, services and income exceed exports.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on footwear above Rs 1,000 is:

A. 28%

B. 18%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Footwear above Rs 1,000 attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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