Question:
The difference between Gross Value of Output (GVO) and Gross Value Added (GVA) is
(1) Consumption of fixed capital.
(2) Intermediate consumption.
(3) Net indirect taxes.
(4) Net primary income.
(5) Primary inputs.
Correct Answer:
(2)
Answer Explanation:
Gross Value Added (GVA) measures the contribution to the economy of each individual producer, industry, or sector. It is calculated as the Gross Value of Output minus the value of intermediate consumption (the goods and services used up in the production process).
Topic: National Income Year: 2020
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