Which of the following is a method to calculate GDP? (2023)
Practice Questions
Q1
Which of the following is a method to calculate GDP? (2023)
Income method
Expenditure method
Production method
All of the above
Questions & Step-by-Step Solutions
Which of the following is a method to calculate GDP? (2023)
Step 1: Understand what GDP is. GDP stands for Gross Domestic Product, which measures the total value of all goods and services produced in a country.
Step 2: Learn about the different methods to calculate GDP. The three main methods are: the production approach, the income approach, and the expenditure approach.
Step 3: Recognize that each method provides a different perspective on the economy but ultimately aims to measure the same thing: the total economic output.
Step 4: Realize that all these methods can be used to calculate GDP, meaning they are all valid ways to measure the economy.
