The Largest Component of GDP Based on the Expenditures Approach

question 142

True/False

The largest component of GDP based on the expenditures approach is government spending (at all levels: federal, state, and local).

---

Definitions:

Marginal Costs

The rise in overall expenses resulting from the production of an extra unit of a product or service.

Studying Economics

The academic pursuit focused on understanding how individuals, businesses, and governments make choices on allocating scarce resources to satisfy their unlimited wants.

Marginal Benefit

The heightened pleasure or utility a person obtains from the additional consumption of a unit of a good or service.

Gadgets Production

The process of creating and manufacturing devices, often electronic, that are designed to perform a particular function or task.