If net national product is given at Market Prices, we ____ indirect taxes and _____ subsidies to get National Income of the economy
If net national product is given at Market Prices, we ____ indirect taxes and _____ subsidies to get National Income of the economy.
(a) Add, Subtract
(b) Add, Divide
(c) Subtract, Add
(d) Subtract, Divide
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Ans – (c)
Explanation:-
National Income (NDP at FC) = Net National Product at Market Price – Net indirect taxes (indirect taxes – subsidies)
National Income (NDP at FC) = Net National Product at Market Price – indirect taxes + subsidies
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