Economics · National Income Accounting
Which of the following statements about GDP concepts are NOT correct? 1. Factor cost includes only the cost of production factors such as wages, rent, and interest, without considering taxes and subsidies. 2. Basic price is calculated by adding product taxes and subtracting product subsidies from factor cost. 3. Production taxes depend on the quantity of goods produced and include excise duties and sales tax. 4. GVA at basic prices is derived by adding production taxes and subtracting production subsidies from GVA at factor cost.
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