The Income Approach to Calculating GDP

question 33

Multiple Choice

The income approach to calculating GDP:

• A) is more accurate than using the expenditure approach.
• B) is less accurate than using the expenditure approach.
• C) will generate the same answer as using the expenditure approach.
• D) is simpler to calculate than the expenditure approach.

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Definitions:

Refracted

The bending of a wave, such as light or sound, as it passes from one medium to another at an angle.

Steeper Angle

A measure of the sharp increase in slope or inclination.

Seismic Waves

Vibrations generated by earthquakes or other seismic events, traveling through the Earth's interior and across its surface.

Crust

The outermost solid shell of a rocky planet, Earth in particular, which is chemically and mechanically distinct from the mantle below.