To Calculate GDP Using the Expenditure Approach, in Part It

question 138

Multiple Choice

To calculate GDP using the expenditure approach, in part it is necessary to

• A) add imports and exports.
• B) add imports and subtract exports.
• C) add exports and subtract imports.
• D) subtract both exports and imports.

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Definitions:

Inventory

The quantity of goods and materials on hand in a business, crucial for meeting customer demand and efficient operation.

Building

A structure with a roof and walls, such as a house or factory, designed for residential, commercial, or industrial purposes.

Accounting Cycle

Set of activities involved in converting information and individual transactions into financial statements.

Accountants

Professionals who perform financial functions related to the collection, accuracy, recording, analysis, and presentation of a business, organization, or individual's financial operations.