The following are two equivalent ways to measure gdp:
1) total income earned in an economy in a given time period, and
2) total spending on the final goods and services produced in an economy in the same time period.
true or false?

ANSWER : TRUE

EXPLANATION :

GDP denotes the total (gross)value of goods & services produced by an economy, during a period of time (financial year) .

This total value of goods can be calculated by both Income & Spending approach , based on assumption that 'one person expenditure is other person income'. Because both reflect the total value of goods produced .

This is evident from two methods to calculate GDP :

1. Expenditure Method

NDP (net value) = Compensation of Employees + Opereating Surplus + Mixed Income ;

Where - 1st COE is income of labour , 2nd OS (Rent + Interest + Profit) income of other factors - land , 3rd MI income from self employed .

2. GDP = Private Final Consumption Expenditure + Govt. Final Consumption Expenditure + Gross Domestic Capital Formation + Net Exports ;

Where - 1st PFCE is expenditure by private households , 2nd GFCE expenditure by govt , 3rd GDCF investment expenditure by firms , 4th expenditure by Abroad .

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.