The Expenditures or Output Approach to GDP Measures It by Summing

question 5

Multiple Choice

The expenditures or output approach to GDP measures it by summing up:

• A) Compensation of employees, rents, interest, dividends, undistributed corporate profits, proprietors' income, indirect business taxes paid, consumption of fixed capital, and net foreign factor income earned in the United States
• B) Compensation of employees, rents, interest, dividends, corporate profits, proprietors' income, and indirect business taxes, and subtracting the consumption of fixed capital
• C) The total spending for consumption, investment, net exports, and government purchases
• D) The total spending for consumption and government purchases, but subtracting public and private transfer payments

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Definitions:

Stare Decisis

The legal principle of determining points in litigation according to precedent, upholding previous judgments in similar cases to ensure consistency in law.

Civil Law System

A legal system originating in Europe, characterized by a comprehensive set of laws that are codified and serve as the primary source of law, with judges applying the codes rather than developing precedent.

Res Judicata

A legal principle that prevents a dispute that has been conclusively decided from being re-litigated between the same parties.

Quebec Civil Code

The legal code governing civil matters in the province of Quebec, Canada, distinct for its civil law tradition.