Which of the following statements correctly distinguishes between Gross Domestic Product (GDP) at
Market Prices and Gross Value Added (GVA) at Basic Prices?
1. GVA at Basic Prices includes net production taxes, but excludes net product taxes.
2. GDP at Market Prices is derived by adding net product taxes to GVA at Basic Prices.
3. Production taxes/subsidies depend on the volume/quantity of production, whereas product
taxes/subsidies are independent of output volume.

Select the correct answer using the code given below: