The Product Approach to Calculating GDP

question 37

Multiple Choice

The product approach to calculating GDP

• A)adds together the market values of final goods and services produced by domestic and foreign-owned factors of production within the nation in some time period.
• B)includes the market value of goods and services produced by households for their own consumption but excludes the value of the underground economy.
• C)is superior to the income approach because, unlike the income approach, it gives us the real value of output.
• D)adds together the market values of final goods, intermediate goods, and goods added to inventories.

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Definitions:

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