Indian Economy Questions

When exports are greater than imports, net exports are positive and similarly, when imports are greater than exports, net exports are negative.

When a country imports goods, it buys them from foreign producers. The money spent on imports leaves the economy, and that decreases the importing nation's GDP.

Value added is determined by the difference between the price of product or service and the cost of producing it.

Added Value = Price that the product or service is sold at - cost of producing the product.

A perfectly inelastic demand curve is perfectly vertical either up or down in any way.

Tax that uses the same rate for all income levels is proportional tax.