All of the Following Are Measures of GDP Except the Total

question 42

Multiple Choice

All of the following are measures of GDP except the total:

• A) expenditures of all businesses in the economy.
• B) income from all production in the economy.
• C) expenditures on all final goods produced.
• D) value of all final production.

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Definitions:

Beginning Inventory

The inventory value ready for sale at the onset of an accounting cycle.

Reported Net Income

The profit or loss of a company after all expenses have been deducted from revenues, as presented in financial statements.

Accrued Payroll Liabilities

Obligations for salaries and wages that have been incurred but not yet paid to employees.

Retained Earnings

The portion of net income that is not distributed as dividends to shareholders, but retained by the company for reinvestment in its operations.