explain the three approaches to measuring GDP and why do they give the same

Q: Which of the following would not be counted in the calculation of GDP? Select all that apply. A.…

A: A commonly used economic indicator that estimates the total valuation of all final products produced…

Q: Explain the two approaches that can be used to compute GDP. Why do these two approaches lead to the…

A: Introduction  Gross Domestic Product or GDP is referred to as the total monetary value of all the…

Q: What are the other methods of calculating GDP

A: GDP: The cumulative monetary or retail cost of all finished products and services made and sold…

Q: Define GDP

A: GDP or Gross Domestic Product is an indicator of growth.

Q: Why should policymakers care about GDP?

A: GDP is the gross domestic product which provides with the value of each and every good and services…

Q: Why are intermediate goods and services excluded when calculating the value of GDP

A: Intermediate goods are used for making other goods for selling them to customers.

Q: What is the difference between GDP and GNP? Is one a better measure of income/output than the other?

A: Gross domestic product is the sum of all the dollars produced in an economy over a given time period…

Q: Why are there two measures of GDP.

A: The gross domestic product (GDP) is that the most commonly used indicator of an economy's size…

Q: Considering the Expenditure Approach of measuring GDP, what component are considered? Define and…

A: GDP ( Gross Domestic Product) is the value of all final goods and services produce in an economy…

Q: Which of the following is not included in gdp?

A: Option B Imports are not included in GDP. Imports are substracted from Exports to calculate Net…

Q: Why the intermediate goods are not included in measuring GDP

A: Intermediate goods are those goods which are not used for final consumption but used as input to…

Q: What is 4Gross domestic product (GDP)?

A: Gross Domestic Product The key indicator of the value added created by the production of commodities…

Q: What are the benefits should we get by calculating GDP?

A: The Gross Domestic Product (GDP) measures the market value of all the final goods and services…

Q: Which of the following is included in Gdp? Select one: a. medicare b. social security payments c.…

A: GDP is the total and final value of goods and services produced in an economy during a given period…

Q: Why do we calculate GDP using the expenditure approach

A: GDP: It means the market value of all final goods and services that are produced within a country…

Q: Define GDP and explain its components. How is GDP used as an indicator of economic health?

A: The sum of a country's final goods and services is known as gross domestic product. The outcome of…

Q: value added" and how it can be used to calculate GDP

A: GDP means the total value of final goods and services produced in an economy during a period.  GDP…

Q: What is the value added aproach of measuring GDP ?

A: GDP stands for Gross domestic product. It is the value of all the final goods and services produced…

Q: A cell phone manufacturer made 300 cell phones in year 1 and sold 200 of them in year 1 and 100 of…

A: In the event that organizations can improve the productivity of the factors of production, it makes…

Q: Identify 2 possible exclusions to GDP and discuss why they have to be excluded.

A: GDP means the  total  market value of goods and services produced domestically during the year.…

Q: Why must you avoid double counting when measuring GDP?

A: Double counting in accounting refers to the error in which a transaction is counted more than a…

Q: Explain the difference between GDP and GNI.

A: Gross Domestic Production is the total monetary of all the finished goods and services which are…

Q: How do statisticians and economists measure GDP? Specifically, what is the formula used? Define the…

A: Gross domestic product (GDP) refers to a measure of the market value of all goods and services…

Q: what is the difference between nominal GDP and real GDP? what is the methodological procedure to…

A: National Income is the amount received from the goods and services produced annually in the economy.…

Q: Which two of the following are not included in GDP? Select all that apply: business investment U…

A: Gross domestic product refers to the all final value of goods and services produced in a territory…