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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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