Two Equivalent Ways to View GDP Are as The

question 34

Multiple Choice

Two equivalent ways to view GDP are as the:

• A) total payments made to all workers in the economy or the total profits of all firms and businesses in the economy.
• B) total expenditures on all goods produced in the economy or the total income earned from producing all services in the economy.
• C) total profits of all firms and businesses in the economy or the total consumption of goods and services by all households in the economy.
• D) total income of everyone in the economy or the total expenditure on the economy's output of goods and services.

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Definitions:

Billable

Refers to work or services performed that can be charged to a client or customer.

Billable Time

Time spent on tasks or projects for which a customer or client can be billed, typically measured in hours.

Single Time Activity

An action or task that is performed once rather than regularly or repeatedly over time.

Payroll Tax Forms

Official documents used to report employment taxes withheld from employees' paychecks to governmental tax authorities.