When using the income approach to measure GDP, what calculation must be done to convert GDP at factor costs to GDP at market prices? The calculation is ______ to factor costs. A.add a statistical discrepancy B.add indirect taxes less subsidies C.subtract indirect taxes less subsidies D.subtract indirect taxes add subsidies

Gross domestic product is the market value of final goods and service produced by a nation during a…

Answered: When using the income approach to…

When using the income approach to measure GDP, what calculation must be done to convert GDP at factor costs to GDP at market prices? The calculation is ______ to factor costs.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

When using the income approach to measure GDP, what calculation must be done to convert GDP at factor costs to GDP at market prices?

The calculation is ______ to factor costs.

add a statistical discrepancy

add indirect taxes less subsidies

subtract indirect taxes less subsidies

subtract indirect taxes add subsidies

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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