To Measure GDP Using the Expenditure Approach You Must Collect

question 300

Multiple Choice

To measure GDP using the expenditure approach you must collect data on

• A) inflation.
• B) exports.
• C) wages.
• D) saving.

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Definitions:

Fixed Costs

Expenses that do not change with the level of output or production, such as rent, salaries, and insurance.

Variable Costs

Expenses that fluctuate based on the amount of products or services a company generates.

Break-even Sales

The amount of revenue that a business must generate to cover its fixed and variable costs before starting to realize a profit.

Fixed Costs

Expenses that do not change with the level of goods or services produced by the business, such as rent, salaries, and insurance premiums.