Statement 1: Gross Domestic Product at Market Price is a territorial concept
Statement 1: Gross Domestic Product at Market Price is a territorial concept.
Statement 2: Gross Domestic Product at Market Price excludes net indirect taxes.
Alternatives:
(a) Both Assertion (A) and Reason (R) are True and Reason (R) is the correct explanation of Assertion (A)
(b) Both Assertion (A) and Reason (R) are True and Reason (R) is not the correct explanation of Assertion (A).
(c) Assertion (A) is True but Reason (R) is False.
(d) Assertion (A) is False but Reason (R) is True.
Anurag Pathak Changed status to publish December 7, 2023
Answer – (c)
Statement 1 is true as Gross Domestic Product at Market Price is a territorial concept
Reason:-
Gross Domestic Product is the sum of the value of goods and services produced within the domestic territory of a country by both residents and non-residents.
Statement 2 is False as Gross Domestic Product at Market Price includes net indirect taxes
Reason: As the Market price includes indirect taxes
Gross Domestic Product at Market Price = Gross Domestic Product at Factor cost + Net indirect taxes
Anurag Pathak Changed status to publish December 7, 2023
