The income approach to measuring GDP is based on summing
A)the production of each industry.
B)wages,interest,rent,and profits.
C)the values of final goods,intermediate goods and services,used goods,and financial assets.
D)consumption expenditure,investment,government expenditures on goods and services,and net exports of goods and services.
E)consumption expenditure and wages.

Question

Quizplus · Accepted Answer

The income approach to measuring GDP involves calculating the total income earned by households and businesses in the economy. This includes wages, interest, rent, and profits. By summing up these component incomes, we can arrive at the total GDP for the economy.

The Income Approach to Measuring GDP Is Based on Summing