The Computation of GDP by Adding Up All Components of National

question 337

Multiple Choice

The computation of GDP by adding up all components of national income including wages, interest, rent and profits is

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

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Definitions:

Employee Empowerment

A management philosophy that encourages giving employees the autonomy, authority, and responsibility to make decisions and contribute to the company's success.

Toyota Production System

A manufacturing philosophy that focuses on continuous improvement and elimination of waste, promoting efficiency and just-in-time production.

Creativity

The ability to produce original and unusual ideas, or to make something new or imaginative.

Kanban System

A lean manufacturing tool that uses visual cues to signal the need to move materials or parts within a production process.