In order to measure gross domestic product,we can follow
A) only one approach: the circular flow approach.
B) two approaches: the expenditure approach and the income approach.
C) only one approach: the national accounts approach.
D) three approaches: the expenditure approach,the income approach,and the production approach.
E) three approaches: the expenditure approach,the income approach,and the market-based approach.
Correct Answer:
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Q21: Q29: Total expenditure equals total income Q31: In comparing the magnitudes of the components Q37: In the circular flow, how are the Q40: The following are all final goods EXCEPT Q42: Net exports of goods and services increase Q43: The following table reports transactions that occurred Q44: In 2013/14,Australian GDP was Q50: The expenditure approach to measuring GDP is Q51: The circular flow shows that GDP measures![]()
A) because firms
A)
A)$1,583 million using the
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