When Estimating GDP Using the Income Approach, Aggregate Income Is

question 29

Multiple Choice

When estimating GDP using the income approach, aggregate income is adjusted by

• A)adding net income earned abroad.
• B)subtracting depreciation.
• C)subtracting indirect business taxes.
• D)adding indirect business taxes.

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Definitions:

Condense

In mathematics, to condense an expression means to simplify it into a more compact form, often by using properties of logarithms or exponents.

Solution

The value or set of values that satisfy an equation, inequality, or system of equations, providing the answer to a mathematical problem.

Equation

A mathematical statement that asserts the equality of two expressions, typically in the form of 'A = B' where A and B can be algebraic expressions.

Logarithm

The exponent or power to which a base must be raised to yield a given number, generally expressed as log_base(number).