Economics · National Income Accounting
Assertion (A): Value added refers to the difference between the value of output and the purchase of intermediate goods. Reason (R): Value added represents the contribution of primary factors of production (labour and capital) to the production process.
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- 1(A) is false but (R) is true.
- 2(A) is true but (R) is false.
- 3Both (A) and (R) are individually correct but (R) is not the correct explanation of (A).
- 4Both (A) and (R) are individually correct and (R) is the correct explanation of (A).✓
Correct answer
Both (A) and (R) are individually correct and (R) is the correct explanation of (A).
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