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:

Social Clock

The culturally preferred timing of social events such as marriage, parenthood, and retirement.

Developmental Norm

Average milestones or standards of development that typically occur in children or people at certain ages, used to measure growth or developmental progress.

Wallonia

A region in southern Belgium characterized by its French-speaking population, diverse landscape, and industrial heritage.

Improve Performance

Strategies or actions taken to enhance the ability, efficiency, or effectiveness of an individual or organization in achieving goals or performing tasks.