Economics · Economy

With reference to the distinction between Gross Domestic Product (GDP) and Gross Value Added (GVA), consider the following statements: I. GVA measures value addition at the sectoral level, whereas GDP reflects total economic output including net taxes on products. II. GDP at market prices equals GVA at basic prices plus net taxes on products. III. GVA excludes intermediate consumption, while GDP includes intermediate consumption to reflect final output. Which of the statements given above are correct?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

Correct answer

I and II only

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