Which Approach to Measuring GDP Is Being Used When Statistics

question 39

Multiple Choice

Which approach to measuring GDP is being used when Statistics Canada sums wages, salaries and supplementary labour income, and other factor incomes?

• A)opportunity cost approach
• B)expenditure approach
• C)value-added approach
• D)factor cost approach
• E)income approach

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Definitions:

Theory

A theory is a well-substantiated explanation of some aspect of the natural world, based on a body of facts that have been repeatedly confirmed through observation and experiment.

Brain Evolved

The process by which the brain has developed and changed over millions of years through evolutionary pressures.

Years Ago

A non-specific term used to indicate a specific amount of time in the past from the current point.

Individual Variation

Differences in physical, behavioral, or physiological characteristics among members of the same species.