Which of the following best represents the Income approach for computing GDP? * a. GDP = R+W+I+P
b. GDP = C+Ig+G=X-M
c. GDP = L+L+C+E
d. GDP = CE
e. None of these.

The income approach for computing GDP is GDP = R+W+I+P

Gross domestic product (GDP) is the sum of final goods and services produced in a country in a given year

There are three methods of calculating GDP:

Income approach = Wages of labour + Rental income from ownership of capital + Interest + Profits. Expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net exportProduction approach = final cost of goods and services - intermediate cost

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E: None of these

GDP = C + G + I + NX

C = consumption or all private consumer spending within a country’s economy, including, durable goods (items with a lifespan greater than three years), non-durable goods (food & clothing), and services.

G = total government expenditures, including salaries of government employees, road construction/repair, public schools, and military expenditure.

I = sum of a country’s investments spent on capital equipment, inventories, and housing.

NX = net exports or a country’s total exports less total imports.

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