Question : In National income accounting, GVA stands for:
Option 1: general vesting added
Option 2: general visited account
Option 3: gross value accounting
Option 4: gross value added
Correct Answer: gross value added
Solution : The correct answer is gross value added.
In national income accounting, GVA stands for gross value added. It represents the total value of goods and services produced by an economy or a specific sector minus the value of intermediate goods and services used in the production process. It is a key indicator used to assess the contribution of individual sectors or the overall economy to the gross domestic product (GDP).
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