Q. Value added means the value of which of the following?
Answer: goods and services less cost of intermediate goods and services
Notes: 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.

This question is part of 40000+ General Studies MCQ Series Course on GKToday Android app. Question Number: 247 in 1. Important Concepts in Micro & Macroeconomics in above course in App.