Question 5:- Match the following words from the text to the corresponding meanings.
1) venture
1) beginners
ii) alters
2) modifies
3) a minor task
iii) fledglings
iv) triumph
4) a daring undertaking
5) accomplishment
a) 1-3, ii-5, 11-1, iv-4
b) 1-1, 1-4, iii-5, iv-2
c) 1-4, i1-2, iii-1, iv-5
d) i-5, 1-3, iii-4, iv-1
Answers
Answer:
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Explanation:
ECONOMICS MACROECONOMICS
Calculating GDP With the Income Approach
By SEAN ROSS
Updated Sep 28, 2020
The income approach to measuring the gross domestic product (GDP) is based on the accounting reality that all expenditures in an economy should equal the total income generated by the production of all economic goods and services. It also assumes that there are four major factors of production in an economy and that all revenues must go to one of these sources. Therefore, by adding all of the sources of income together, a quick estimate can be made of the total productive value of economic activity over a period. Adjustments must then be made for taxes, depreciation, and foreign factor payments.
Ways to Calculate GDP
There are generally two ways to calculate GDP: the expenditures approach and the income approach. Each of these approaches looks to best approximate the monetary value of all final goods and services produced in an economy over a set period (normally one year).
KEY TAKEAWAYS
The income approach states that all economic expenditures should equal the total income generated by the production of all economic goods and services.
The alternative method for calculating GDP is the expenditure approach, which begins with the money spent on goods and services.
The gross domestic product (GDP) provides a broader picture of an economy.
The national income and product accounts (NIPA) form the basis for measuring GDP and allows people to analyze the impact of variables,
Answer:
Answer
( i ) venture - ( 3 ) a minor task
( ii ) alters - ( 5 ) accomplishment
( iii ) fledglings - ( 1 ) beginners
( iv ) triumph - ( 4 ) a during undertaking
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