Although economists use different methods to calculate GDP,each method should lead to the same number for GDP.

Question

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This statement is true. Although there are three different methods to calculate GDP (production approach, income approach, and expenditure approach), each method should yield the same number for GDP. This is known as the "income equals expenditure" identity, which is a fundamental concept in macroeconomics. If the methods do not lead to the same number, it suggests that there are errors or omissions in the calculation.

Although Economists Use Different Methods to Calculate GDP,each Method Should