The three approaches to measuring GDP are called the
A) accounting approach, the income approach, and the expenditure approach.
B) product approach, the cost approach, and the expenditure approach.
C) product approach, the income approach, and the expenditure approach.
D) accounting approach, the statistical approach, and the income approach.

Question

Quizplus · Accepted Answer

The three approaches to measuring GDP are the product approach, the income approach, and the expenditure approach. These are the standard methods used by economists and statisticians to calculate the total production and output in an economy. The product approach involves adding up the value of all goods and services produced in a nation, while the income approach looks at the total income earned by workers and businesses in an economy. The expenditure approach adds up all of the spending on goods and services by households, businesses, and the government.

The Three Approaches to Measuring GDP Are Called the