Double Counting in the Resource Cost-Income Approach to GDP Refers

question 217

Multiple Choice

Double counting in the resource cost-income approach to GDP refers to

• A) corporate income being taxed twice
• B) the amount of income taxes paid to states that is taxable by the federal government
• C) calculating GDP twice using the income and expenditures methods
• D) adding the value of exports to GDP and subtracting the value of imports
• E) counting the total value of a final output in addition to the value of the inputs used to make it

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Definitions:

Storm Runoff

This is the precipitation that flows over land surfaces and eventually enters water bodies, often carrying pollutants.

Freshwater

Water that has a low salt content, found in rivers, lakes, streams, and underground, essential for drinking, agriculture, and industry.

Saltwater

Water containing a significant concentration of salts, typically found in oceans and seas, as opposed to freshwater in lakes and rivers.

Diagram

A simplified drawing or plan that represents the components or workings of something, typically used to explain how it functions or is structured.