Multiple Choice Questions on Consider the following 1The headline growth from now on will be measured by GDP at current market pr........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following 1The headline growth from now on will be measured by GDP at current market pr...........

Economic Affairs Growth and Indicators
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    Consider the following:

    1The headline growth from now on will be measured by GDP at current market prices

    2.    Earlier it was measured at constant prices at factor cost.

    3.    Sector-wise estimates of Gross value added will now be given at basic prices instead of factor cost.

    Choose the correct answer from the codes below

    1 and 3 only

    Correct Answer

    2 only

    Incorrect Answer

    1 and 2   

    Incorrect Answer

    none of these

    Incorrect Answer
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    Explanation:

    Earlier GDP (headline growth) was measured in Factor Cost but now is measured in Market prices.

    GVA at basic prices = GVA at factor cost + (Production taxes less Production subsidies)
    GDP at market prices = GVA at basic prices + Product taxes - Product subsidies

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