The Income Approach to Measuring GDP

question 50

Multiple Choice

The income approach to measuring GDP

• A)sums the value at each stage of production plus the value of depreciation.
• B)sums all incomes earned in Australia and makes no other adjustments because other adjustments are not necessary.
• C)measures the cost of producing GDP rather than the market value.
• D)determines the cost of production, then adjusts it to equal the market value of production.

---

Definitions:

Unique Patterns

Distinctive and specific arrangements or sequences that are characteristic to an individual or entity.

Socialization

The process by which individuals learn and adopt the values, norms, and behaviors that are considered appropriate in their society.

Biological Categories

Classifications based on shared biological characteristics, such as genus, species, and family, in the study of life sciences.

Cultural Artifacts

Objects created by human beings that reflect the customs, beliefs, and practices of a particular culture or society.