GDP can be calculated only by using the ____ approach.

Question

Quizplus · Accepted Answer

GDP can be calculated using the spending approach (adding up all spending in the economy), the income approach (summing up all the incomes earned in the economy), or the production approach (summing up the value of all goods and services produced in the economy). Therefore, D is the correct answer as it includes all three approaches. Choice A and E are incorrect as they only include one approach, and choice C is incorrect as it is too broad and includes the NIPA, which is not necessary for calculating GDP.

GDP Can Be Calculated Only by Using the ____ Approach