The two ways of measuring Gross Domestic Product are the __________ approach and the __________ approach.
A)expenditure;income
B)expenditure;national product
C)national product;income
D)net national product;personal income

Question

Quizplus · Accepted Answer

The two ways of measuring Gross Domestic Product (GDP) are the expenditure approach and the income approach. The expenditure approach calculates GDP by adding up all the spending on final goods and services within a country's borders, including consumption, investment, government spending, and net exports. The income approach adds up all the income earned by factors of production (such as wages, rent, interest, and profits) within a country's borders. Both approaches should yield the same GDP figure.

The Two Ways of Measuring Gross Domestic Product Are the __________