Two Equivalent Ways to View GDP Are as The

question 34

Multiple Choice

Two equivalent ways to view GDP are as the:

• A) total payments made to all workers in the economy or the total profits of all firms and businesses in the economy.
• B) total expenditures on all goods produced in the economy or the total income earned from producing all services in the economy.
• C) total profits of all firms and businesses in the economy or the total consumption of goods and services by all households in the economy.
• D) total income of everyone in the economy or the total expenditure on the economy's output of goods and services.

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Definitions:

Cost System

A method used by businesses to track, record, and analyze costs associated with production or services.

Service Department

A segment within an organization that does not directly produce goods but supports other departments by providing services.

Pediatrics Department

A specialized medical department focused on the care, diagnosis, and treatment of infants, children, and adolescents.

Employee Hours

Employee hours track the amount of labor time worked by employees, used for payroll, scheduling, and operational efficiency analyses.