객관식
In the expenditure approach to measuring GDP, which of the following is included in GDP?
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10. Measuring National Output and Income
Expenditure Approach for Measuring GDP
객관식
What is the difference between the expenditure approach and income approach to GDP?
A
The expenditure approach sums value added at every production stage, while the income approach measures GDP by deducting depreciation and net exports from total output.
B
The expenditure approach counts only consumer purchases, while the income approach counts only business revenues.
C
The expenditure approach totals spending on final goods and services (C + I + G + NX), while the income approach totals incomes earned by factors of production (wages, rents, interest, and profits); both should yield the same GDP.
D
The expenditure approach includes intermediate goods and services, whereas the income approach excludes taxes and subsidies when measuring GDP.
검증된 단계별 안내1
Step 1: Understand that GDP (Gross Domestic Product) can be measured in different ways, but the two main approaches are the expenditure approach and the income approach.
Step 2: The expenditure approach calculates GDP by summing all spending on final goods and services within an economy. This includes consumption (C), investment (I), government spending (G), and net exports (NX), which is exports minus imports. The formula is: \[GDP = C + I + G + NX\]
Step 3: The income approach calculates GDP by summing all incomes earned by factors of production in the economy. This includes wages, rents, interest, and profits. Essentially, it measures the total income generated from producing goods and services.
Step 4: Recognize that both approaches should theoretically yield the same GDP value because total spending on goods and services (expenditure) should equal total income earned from producing those goods and services.
Step 5: Note the key conceptual difference: the expenditure approach focuses on total spending on final goods and services, while the income approach focuses on total income earned by households and firms in the production process.
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