Which one of the following statements about GDP is TRUE?
A) GDP can be calculated using the income approach.
B) The value of household production is excluded from GDP.
C) GDP can be calculated using the expenditures approach.
D) all of the above.

Question

Quizplus · Accepted Answer

All the statements mentioned in options A, B, and C are true. GDP can be calculated using the income approach, which involves adding up all the income earned by different factors of production, such as labor and capital. The value of household production, which is the production of goods and services by households for their own use, is excluded from GDP. Finally, GDP can also be calculated using the expenditure approach, which includes adding up all the spending on goods and services by consumers, businesses, and governments. Therefore, the correct answer is D, which states that all the given options are true.

Which One of the Following Statements About GDP Is TRUE