According to the Expenditure Approach to Measuring GDP, in the United

question 71

Multiple Choice

According to the expenditure approach to measuring GDP, in the United States , the largest component of GDP is

• A)government expenditure on goods and services.
• B)investment.
• C)wages.
• D)consumption expenditure.
• E)net exports of goods and services.

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Definitions:

Finance Charge

A fee charged for the use of credit or the extension of existing credit, often expressed as an annual percentage rate.

Credit Card Statement

A monthly document provided by credit card companies that details all the transactions, fees, payments, and outstanding balance for the account.

Monthly Credit

Refers to any credit received or applied to an account each month, such as cash back from a credit card or credit for returned items.

Total Cost

The complete amount of money spent on producing or acquiring goods or services, including all variable and fixed costs.