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    Question

    What is/are the way/s in which GDP- Gross Domestic

    Product be calculated?
    A The Income Approach Correct Answer Incorrect Answer
    B The Expenditure Approach Correct Answer Incorrect Answer
    C The Income Approach & Output Approach Correct Answer Incorrect Answer
    D The Expenditure Approach & Output Approach Correct Answer Incorrect Answer
    E The Expenditure Approach, Income Approach & Output Approach Correct Answer Incorrect Answer

    Solution

    The expenditures approach says GDP= consumption + investment + government expenditure + exports - imports. The income approach sums the factor incomes to the factors of production. The output approach is also called the "net product" or "value added" approach.

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