The Expenditure Approach to Measuring GDP Is Based on Summing

question 112

Multiple Choice

The expenditure approach to measuring GDP is based on summing

• A)each industry's production.
• B)consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services minus wages, interest, rent, and profit.
• C)the total values of final goods, intermediate goods and services, used goods, and financial assets.
• D)wages, interest, rent, and profit.
• E)consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services.

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Definitions:

Consistent Principle

A rule or standard that is applied uniformly and reliably over time or across situations, without contradictions.

Jointly Exhaustive

A set of options or propositions is considered jointly exhaustive when it covers all possible scenarios or outcomes, leaving no possibility unaddressed.

Mutually Exclusive

Describing two or more events or conditions that cannot occur or be true at the same time.

Consistent Principle

A concept or rule that remains uniform and unchanged across different contexts or situations, ensuring coherence and reliability in application.