Question 1 of 20 <> The statements describe one of the four ways of measuring the gross domestic product (GDP). Match the given approaches of measuring GDP to the appropriate statement. Each approach is used once. This approach includes summing up the amounts paid to the owners of the domestic means of production of goods and services and those domestically employed by the owners of the means of production. This approach includes both domestic intermediate and final goods and services and sums up for each firm in the domestic economy, the market value of its product or service minus the cost of its inputs (goods and services) purchased from any other firm. This approach includes the total amount of domestic final goods and services purchased by households, firms, governments, and foreigners and which excludes the purchase by domestic buyers of final goods and services produced abroad.

Question 1 of 20 <> The statements describe one of the four ways of measuring the gross domestic product (GDP). Match the given approaches of measuring GDP to the appropriate statement. Each approach is used once. This approach includes summing up the amounts paid to the owners of the domestic means of production of goods and services and those domestically employed by the owners of the means of production. This approach includes both domestic intermediate and final goods and services and sums up for each firm in the domestic economy, the market value of its product or service minus the cost of its inputs (goods and services) purchased from any other firm. This approach includes the total amount of domestic final goods and services purchased by households, firms, governments, and foreigners and which excludes the purchase by domestic buyers of final goods and services produced abroad.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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