A) output at factor cost
B) output at market prices
C) goods and services less depreciation
D) goods and services less cost of intermediate goods and services
Correct Answer: D
Solution :
Value added is an economic term to express the difference between the value of goods and the cost of materials or supplies that are used in producing them. It is a measure of economic activity which eliminates the duplication inherent in the sales value figure which results from the use of products of some establishments as materials or services by others. So it is of goods and services less cost of intermediate goods and services.
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