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.

---

Definitions:

Socioeconomic Status

Represents an individual's or family’s economic and social position in relation to others, based on income, education, and occupation.

Psychological Identity

An individual's self-perception formed through personal experiences, social interactions, and internalized values, contributing to their overall sense of self.

Motherese

A simplified and often higher-pitched style of speech that adults use when talking to babies, aimed at supporting language acquisition.

Parentese

A simplified form of speech, often with exaggerated tones and sounds, used by adults when speaking to babies and young children.