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Chapter 6: Q 11. (page 160)

What are the main components of measuring GDP

with what is demanded?

Short Answer

Expert verified

Personal consumption expenditures, investment, net exports, government expenditure

Step by step solution

01

Step 1. GDP

Gross domestic product is the value of final goods and services produced in a region in a given period.


02

Step 2. Explanation

Gross domestic product can be measured either by the sum of what is bought into the economy using the expenditure approach or by the income earned over what is produced using the income approach. Personal consumption expenditures, investment, net exports, government expenditure are the main components of measuring GDP with what is demanded.

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Most popular questions from this chapter

How might you measure a 鈥済reen鈥� GDP?

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higher today than 50 or 100 years ago?

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the measure of a country鈥檚 standard of living?

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List some of the reasons why economists should

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