Question : What is the basic difference in the aggregates at market price and factor cost?
Option 1: Depreciation
Option 2: Indirect taxes
Option 3: Net indirect taxes
Option 4: Direct taxes
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Correct Answer: Net indirect taxes
Solution : The correct answer is Net indirect taxes.
Prices in the market are established beyond the production boundary, incorporating net indirect taxes and depreciation. The factor cost, on the other hand, encompasses the cost of goods and services within the production boundary, excluding depreciation and net indirect taxes. Both market prices (MP) and factor cost (FC) account for the same indirect taxes and subsidies.
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