When One Uses the Expenditure Approach to Calculate Gross Domestic

question 377

Multiple Choice

When one uses the expenditure approach to calculate Gross Domestic Product (GDP) , which of the following would be included?

• A) government spending at the state level
• B) household purchases of legal services
• C) inventory investment
• D) all of the above

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Definitions:

Ethical Virtues

Moral qualities or characteristics deemed to be good or desirable in a person.

Short-Term Costs

Expenses or costs that are incurred over a relatively brief period, typically considered to be less than one year.

Long-Term Costs

Expenses or implications that occur over an extended period, often considered when making decisions that have lasting impacts.

Predicted Benefits

Expected advantages or improvements that result from a particular action or policy.