The three approaches to measuring GDP are called the
A) accounting approach, the income approach, and the expenditure approach.
B) product approach, the cost approach, and the expenditure approach.
C) product approach, the income approach, and the expenditure approach.
D) accounting approach, the statistical approach, and the income approach.
E) accounting approach, the statistical approach, and the product approach.

Question

Quizplus · Accepted Answer

The three approaches to measuring GDP are the product approach, the income approach, and the expenditure approach. The product approach focuses on valuing the output of goods and services produced, the income approach looks at the income earned by individuals and businesses, and the expenditure approach looks at the spending on goods and services by households, businesses, and the government. These three approaches provide a comprehensive view of the economy and allow for a more accurate calculation of GDP.

The Three Approaches to Measuring GDP Are Called the