In 2011,U.S.GDP was
A)$15 trillion using the expenditure approach.
B)$15 trillion using the income approach.
C)$15 trillion using the expenditure approach and $14 trillion using the income approach.
D)$16 trillion using the income approach and $14 trillion using the expenditure approach.
E)both A and B are correct.

Question

Quizplus · Accepted Answer

Both statement A and B are correct, as GDP can be calculated using either the expenditure approach (summing up spending in the economy) or the income approach (summing up income earned by factors of production). Therefore, the correct answer is E, both A and B are correct. The other answer choices are incorrect as they do not represent the actual GDP figures for 2011.

In 2011,U.S.GDP Was