Calculating Gross Domestic Product (GDP) by the income approach would require including

Question

Quizplus · Accepted Answer

The income approach to calculating GDP sums up all the incomes earned by households and businesses, including wages, rents, interest, and profits. Transfer payments are not included because they are not payments for the production of goods or services. Restaurant sales and the market value of all final goods are part of the expenditure approach, not the income approach.

Calculating Gross Domestic Product (GDP) by the Income Approach Would