When using the income approach to estimate Gross Domestic Product (GDP), which of the following would NOT be included?

Question

Quizplus · Accepted Answer

Personal consumption expenditures would not be included in the income approach to estimate GDP. The income approach measures GDP as the sum of all income earned in the production of goods and services, including wages and salaries, profits, and net interest received by households. It also includes the implicit rental value of owner-occupied housing and proprietors' income. Personal consumption expenditures are not included in this approach since they represent spending, not income earned.

When Using the Income Approach to Estimate Gross Domestic Product