When calculating GDP using the expenditure, double counting is avoided by:

(a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars): Item Amount ($) Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Net fixed Investments Corporate income taxes Consumption expenditures Indirect business taxes | Imports Payments of factor income to the rest of the world Inventory change Social security contributions Undistributed corporate profits (retained earnings) Government transfer and interest payments Personal interest payments Personal taxes 1,721.6 1,096.3 382.7 990,8 688.2 265,2 6,739.4 664.6 1,475.8 343.7 56.5 702.7 130.3 1,366.3 286.2 1,235.7

Which of the following form the basis of GDP calculated using the income approach?   Question 4 options:   depreciation, profit, investment, and interest   wages, rent, profit, and interest   wages, depreciation, profit, and consumption   Indirect taxes, consumption, rent, and wages   factor prices, profit, rent, and net capital

What is the term for the total value of all final goods and services produced within a country's borders in a specific time period? a) Gross National Product (GNP) b ) Net Domestic Product (NDP) c) Gross Domestic Product (GDP) d) National Income (NI)