The two ways of looking at GDP are the:
A) Output approach and expenditures approach
B) Income approach and saving approach
C) Expenditures approach and income approach
D) Output approach and consumption approach

Question

Quizplus · Accepted Answer

The two ways of looking at GDP are the expenditures approach, which measures the total amount of spending on final goods and services in the economy, and the income approach, which measures the total income earned by households and firms in the economy. The output approach, which measures the total value of goods and services produced in the economy, is a third way of looking at GDP but is not one of the choices given in the question. The saving approach and consumption approach are not valid ways of looking at GDP.

The Two Ways of Looking at GDP Are The