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Using the income approach to calculating GDP, economists sum all incomes earned by owners of factors of production. What three adjustments must be made to convert national income to GDP?
Tariff
A tax imposed on imported goods to protect domestic industries or to generate revenue.
Tariff Revenue
Income that governments earn from imposing taxes on imported goods to protect domestic industries or generate income.
Economic Strategy
A plan of action designed to achieve specific financial or market objectives.
Exports
Items or services that are manufactured in one nation and purchased by consumers in a different country.
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