Which of the Following Is True Regarding the Measurement of GDP

question 28

Multiple Choice

Which of the following is true regarding the measurement of GDP?

• A)Consumption and investment are used in the income approach to GDP.
• B)Investment and wages are expenditures , and are therefore are used in the expenditure approach to GDP.
• C)Wages and consumption are used in the expenditure approach to GDP.
• D)Government expenditure is only counted in the income approach to GDP.
• E)Wages and profit income are used in the income approach to GDP.

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Definitions:

Barbados

An island country in the Lesser Antilles, in the Caribbean region of North America, known for its beach resorts and as a historical sugar plantation economy.

Slave Code

Laws established in the colonial and antebellum South that defined the status of slaves and the rights of masters, severely restricting slaves' freedoms and justifying their mistreatment.

Barbados

An island country in the Eastern Caribbean known for its beaches, botanical gardens, and the birthplace of rum.

Friars

A member of a religious order within the Catholic Church who is devoted to teaching and charitable work, not bound to a cloister.