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.

You are discussing economic growth and the economic cycle with a group of colleagues in an effort to forecast the growth in an economy that is demonstrating an increase in investment, rising employment, and growing business confidence with slowly rising prices. Your discussion has encompassed the distinction between GDP and GNP and the importance of leading indicators for forecasting purposes. Based on this information, answer the following three questions. In national income accounting, what is the difference between gross domestic product (GDP) and gross national product (GNP)? GNP equals GDP plus domestic production/earnings by foreign companies/citizens ,minus foreign production/earnings by domestic companies/citizens GNP equals GDP plus foreign production/earnings by domestic companies/citizens, minus domestic production/earnings by foreign companies/citizens GNP equals GDP plus imports minus exports GNP equals GDP minus government spending minus exports plus imports.

The following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t. t = Year 2004 2010 2014 G = GDP(trillions of dollars) 11.87 14.66 17.42 (a) Explain in practical terms what G(2010) means. The expression G(2010) is the year when the U.S. gross domestic product had a value of 11.87 trillion dollars.The expression G(2010) is the gross domestic product in trillions of dollars, multiplied by 2010.    The expression G(2010) is the average of G(2004) and G(2010).The expression G(2010) is the U.S. gross domestic product in trillions of dollars in the year 2010. Find G(2010).$  trillion(b) Use functional notation to express the gross domestic product in 2012, and estimate that value. (Round the estimated value to two decimal places.) G         = $   trillion(c) What is the average yearly rate of change in G from 2010 to 2014? (Round your answer to two decimal places.)$  trillion(d) Use your answer from part (c) to…

Question 3 Consumer spending in GDP measurement does NOT include spending by businesses on labor resources households on necessary expenses such as gasoline individual households on durable items such automobiles and computers. families on services such as healthcare students on tuition.