Using the Income Approach to Calculating GDP, in a Simple

question 54

Multiple Choice

Using the income approach to calculating GDP, in a simple closed economy, the national income equals:

• A) wages + interest + rental income + profits.
• B) wages + interest + government income + profits
• C) wages + government spending + earned interest + investment + profits
• D) wages + interest + rental income - profits.

---

Definitions:

Right Amount

The optimal quantity or degree of something that achieves a desired outcome or condition.

Action Plan

Describes how you are going to reach your goal.

Goal Setting

The act of identifying specific, measurable, achievable, relevant, and time-bound objectives to guide personal or organizational progress.

Action Plan

A detailed strategy outlining the steps necessary to achieve a particular goal or objective, including timelines and resources needed.