The fundamental relationship between GDP at market price and GDP at factor cost is GDP(at market price) - Net Indirect Taxes (NIT) = GDP(at factor cost). Thus, the expression GDP(at market price) - NIT is equal to GDP(at factor cost).
GDP(at market price) – NIT = ?
Asked in westbengal/WBCS Main 2019 Paper 5 2019 · Topic: National Income & Gross Domestic Product (Net Domestic Product (NDP) and Net National Product (NNP))
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Answer: B. GNP (at factor cost)
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