The Income Approach to Calculating GDP Is

question 39

Multiple Choice

The income approach to calculating GDP is

• A)the sum of all consumer income earned.
• B)the sum of all incomes earned from production.
• C)net of taxes.
• D)the sum of all business income earned.
• E)all the spending on goods and services earned by consumer's income.

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Definitions:

Directly Related

A term describing entities or factors that are connected in a straightforward and immediate way, influencing each other's behavior or outcomes.

Firm Bidding

A procurement and contracting method where bidders submit fixed price proposals that cannot be altered after submission.

Best-And-Final-Offers

Best-and-final offers are the last and most competitive bids or proposals requested from suppliers or contractors during a negotiation, after which a selection is made.

Clarify

To make a statement or situation less confused and more understandable.