GDP Can Be Calculated Using

question 280

Multiple Choice

GDP can be calculated using

• A) the expenditure approach and the production approach.
• B) the expenditure approach and the income approach.
• C) the expenditure approach and the factor of production approach.
• D) the expenditure approach and the resource approach.

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Definitions:

Average Social Cost

The total cost to society of producing an additional unit of a good or service, including both private costs and any external costs.

Supply Curve

Relationship between the quantity of a good that producers are willing to sell and the price of the good.

Trucking Services

Businesses that provide transportation of goods via motor vehicles such as trucks over short or long distances.

Pollutants

Substances that cause pollution, contaminating the air, water, and soil, and potentially causing harm to ecosystems and human health.