Which Approach to Measuring GDP Is Being Used When Statistics

question 39

Multiple Choice

Which approach to measuring GDP is being used when Statistics Canada sums wages, salaries and supplementary labour income, and other factor incomes?

• A)opportunity cost approach
• B)expenditure approach
• C)value-added approach
• D)factor cost approach
• E)income approach

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Definitions:

Alteration Minerals

Minerals that form as a result of chemical changes in rocks, often due to hydrothermal fluid activity.

Iron Ore

A natural mineral or rock from which iron can be profitably extracted, typically rich in iron oxides.

Caldera

A large volcanic crater typically formed by a major eruption leading to the collapse of the mouth of the volcano.

Metal-Rich Fluids

Liquids that contain high concentrations of metals, often found in geological settings where they can deposit valuable ore minerals.