The Two Methods of Measuring the Value of GDP Are

question 63

Multiple Choice

The two methods of measuring the value of GDP are the ________ approaches.

• A) input and output
• B) direct and residual
• C) business and household
• D) domestic and foreign
• E) income and expenditures

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Definitions:

Special Order

An order for a product or service that is not part of the company's usual offerings or produced under unique specifications, often at a negotiated price.

Minimum Price

The lowest price at which a product or service can be sold, often set to cover costs or comply with legal requirements.

Machine Hours

A measure of the operating time of machinery used in production, commonly applied in calculating depreciation or allocating overhead.

Constrained Resource

Refers to the limited capacity or resources a company has which can restrict its ability to produce goods or services.