How would you calculate GDP using the aggregate spending approach? a. By adding up wages, interest, rent and profit paid by all producers in the economy. b. By adding up the value added (obtained by deducting expenditure on intermediate inputs from total sales) across all firms in the economy. c. By adding up consumer expenditure, government expenditure, investment spending and net exports in the economy. "Net exports" is the value of imports deducted from the value of exports in the economy.

How would you calculate GDP using the aggregate spending approach? a. By adding up wages, interest, rent and profit paid by all producers in the economy. b. By adding up the value added (obtained by deducting expenditure on intermediate inputs from total sales) across all firms in the economy. c. By adding up consumer expenditure, government expenditure, investment spending and net exports in the economy. "Net exports" is the value of imports deducted from the value of exports in the economy.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 9WNG

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