General Knowledge · National Income Accounting
Consider the following statements: Statement I: GDP at factor cost excludes indirect taxes but includes subsidies. Statement II: GDP at market price includes both indirect taxes and subsidies. Which of the following options is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both statements are correct
- 2Both statements are incorrect
- 3Statement I is correct, but Statement II is incorrect✓
- 4Statement I is incorrect, but Statement II is correct
Correct answer
Statement I is correct, but Statement II is incorrect
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