Which Approach to Measuring GDP Is Being Used When Statistics

question 65

Multiple Choice

Which approach to measuring GDP is being used when Statistics Canada sums spending on goods and services for consumer goods,government,business investments and exports,net of imports?

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

Distinguish between fixed, flexible, and zero-based budgets.

Differentiate between policies, procedures, rules, and their applications in organizational settings.

Recognize the role of financial, operating, and other types of budgets in resource allocation.

Understand the significance of policies in shaping organizational behavior and decision-making.

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Definitions:

Marginal Cost

The growth in the overall expense incurred from producing an additional unit.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, resulting in decreased costs per unit.

Perfect Competition

A market structure characterized by many buyers and sellers, homogenous products, no barriers to entry, and perfect information.

Pure Monopoly

A market structure where a single seller controls the entire market for a particular product or service, facing no competition.