In 2013/14,Australian GDP was
A)$1,583 million using the expenditure approach.
B)$1,583 million using the income approach.
C)$1,289 million using the expenditure approach and $1,458 million using the income approach.
D)$2 trillion using the income approach and $1 trillion using the expenditure approach.
E)Both A and B are correct.

Question

Quizplus · Accepted Answer

Both options A and B are correct because GDP can be calculated using either the expenditure approach or income approach. Therefore, choice E is the best answer. Choice C has two different values for GDP, which is not possible, and choice D has significantly different values for GDP using the two different approaches, which is also not possible.

In 2013/14,Australian GDP Was