Although we commonly use the expenditures approach to measure gross domestic product, we can also measure GDP by using the approach.

The expenditure method of calculating GDP measures:  A. The total income earned by households and businesses  B. The total value of goods and services purchased by households and businesses  C. The total savings accumulated by households and businesses  D. The total investments made by households and businesses

Calculate GDP with expenditure approach.

In the first class, we learned different approaches to measuring GDP. Which of the following methods are commonly used to calculate GDP？This is a multi answer question. You can select one or more options as the answer.A.Expenditure methodB.Income methodC.Value-added (production) methodD.Product calculation method

The expenditure method of calculating Gross Domestic Product is:Question 43Select one:a.summing up the value of all purchases/expenditures made by final consumers (households).b.the amounts of goods and services that will be supplied by producers at various price levels during a given period.c.summing the total employment, consumer incomes, and general price levels for the entire economy.d.summing up all the incomes earned in the factor markets including wages and salaries, interest, rents, and profits minus business taxes, capital consumption, and U.S. income earned overseas. e.the amounts of goods and services that households, businesses, and government are willing to purchase at various price levels during a given period.

The correct formula for calculating the gross domestic product (GDP) by the expendituremethod for an open economy isA. consumption + investment + government spending.B. consumption + investment + government spending + exports – imports.C. consumption + investment + government spending + net income from abroad.D. consumption + government revenue + exports – imports – government spending.