Two Methods of Measuring GDP Are

question 58

Multiple Choice

Two methods of measuring GDP are

• A) the income approach and the receipts approach.
• B) the income approach and the expenditure approach.
• C) the goods approach and the services approach.
• D) the saving approach and the investment approach.

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Definitions:

Drop-Forge Strokes

A manufacturing process involving the shaping of metal using a heavy hammer or press that drops on the workpiece.

Direct Labor

The cost of wages and benefits for employees directly involved in the production of goods or services.

Overhead Applied

The portion of overhead costs assigned to the production of goods or services.

Raw Materials Issued

The allocation or distribution of raw materials for use in the production process.