GNP at market prices−Indirect taxes+subsidies is referred to as :
Gross National Product (GNP) at market prices minus Net Indirect Taxes (i.e., minus Indirect Taxes plus Subsidies) is equal to GNP at factor cost. Adjusting for indirect…
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GNP at market prices−Indirect taxes+subsidies is referred to as :
Answer and explanation
Correct answer A
Gross National Product (GNP) at market prices minus Net Indirect Taxes (i.e., minus Indirect Taxes plus Subsidies) is equal to GNP at factor cost. Adjusting for indirect taxes and subsidies converts valuation from market price to the actual factor cost paid to the factors of production.
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UGC NET Commerce