Using the Income Approach for Calculating GDP, Which of the Following

question 127

Multiple Choice

Using the income approach for calculating GDP, which of the following was the largest contributor to Canada's national income in 2017?

• A)Employee compensation
• B)Gross operating surplus
• C)Gross mixed income
• D)Taxes

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Definitions:

Minimum Cost

The lowest possible expense at which a company can produce a good or service without sacrificing quality.

Efficient Amount

The quantity of a good or service that maximizes social welfare, where marginal benefits equal marginal costs.

Socially Optimum

The most desirable level of output or activity from a societal perspective, balancing costs and benefits to achieve maximum social welfare.

Coal Mine Pollution

The release of harmful substances into the environment as a result of coal mining activities, affecting air, water, and soil quality.