The Income Approach to Measuring GDP Is Based on Summing

question 147

Multiple Choice

The income approach to measuring GDP is based on summing

• A)the production of each industry.
• B)wages,interest,rent,and profits.
• C)the values of final goods,intermediate goods and services,used goods,and financial assets.
• D)consumption expenditure,investment,government expenditures on goods and services,and net exports of goods and services.
• E)consumption expenditure and wages.

---

Definitions:

Domestic Steel Industry

The segment of the economy that involves the production and distribution of steel within a specific country.

U.S. Consumers

Individuals or households within the United States that purchase goods and services for personal use.

World Price

World price refers to the international market price of a good or service, influenced by global supply and demand forces.

No-Trade Situation

A scenario where no exchanges occur, either because market participants find no benefit in trading or due to barriers to trade.