The Computation of GDP by Adding Up the Dollar Value

question 268

Multiple Choice

The computation of GDP by adding up the dollar value at current market prices of all final goods and services is

• A) the expenditure approach.
• B) the income approach.
• C) transfer payments.
• D) the value of all securities.

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Definitions:

Wheat

Wheat is a cereal grain, originally from the Levant region of the Near East but now cultivated worldwide, a staple food used to make flour for breads, pasta, and other foods.

Opportunity Cost

The cost of a missed opportunity; the value of the best alternative that one gives up when making a decision.

Frozen Foods

Food products that have been preserved through freezing to extend shelf life and retain nutritional value.

Labor Force

The aggregate sum of individuals working or actively looking for work in an economic system.