Double Counting in GDP Accounting

question 153

Multiple Choice

Double counting in GDP accounting:

• A) refers to the fact that accountants check their figures twice.
• B) refers to the inclusion of both intermediate goods and final goods in GDP.
• C) is the method of using both income and expenditures in measuring GDP.
• D) is the method of calculating the GDP by including the net incomes received by residents of a nation living abroad.

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Definitions:

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The process by which governmental agencies evaluate and possibly revise regulations to ensure their effectiveness, efficiency, and compliance with policy objectives.

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A written comment issued by the President of the United States upon signing a bill into law, which may provide interpretation of the law or policy directives for its enforcement.

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The process by which a legislative body passes laws, often requiring approval by both houses and the president or executive branch.