What is the correct meaning of NIT?
Answer and explanation
Correct answer: Net Indirect Taxes
NIT means Net Indirect Taxes. It is calculated as indirect taxes minus subsidies: NIT = Indirect Taxes − Subsidies. This measure explains the adjustment between market price and factor cost in national-income accounting. It does not mean national income tax or international trade.
Frequently asked questions
What is the correct answer to this question?
Net Indirect Taxes
Why is this the correct answer?
NIT means Net Indirect Taxes. It is calculated as indirect taxes minus subsidies: NIT = Indirect Taxes − Subsidies. This measure explains the adjustment between market price and factor cost in national-income accounting. It does not mean national income tax or international trade.
Which subject and chapter does this question cover?
This is a Class 12 Economics question. Chapter: National Income and Related Aggregates. Topic: Aggregates related to national income - Market price and factor cost.
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