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There are two commonly used measures of national income and output in economics, these include gross domestic product ( GDP ) and gross national product (GNP). What do each of these approaches measure. List at least one advantage and disadvantage of each approach. There are two primary ways of measuring GDP: nominal gross domestic product and real gross domestic product. There are different ways to measure Gross Domestic Product (GDP), including adding up consumption, INVESTMENTS, government expenses, and net exports. E = mc2 remains an equation upon which monumental advancements in man’s understanding of his world have been developed. These measures are focused on counting the total amount of goods and services produced within some “boundary” where the boundary is defined by either geography or citizenship. Log in … Post updated 31/July/2018. Gross domestic product is counted using two methods: one which counts all the ways people _____ money and another which counts all the ways people _____ money. There are two approaches to measuring a country's macroeconomic activity, which are Gross Domestic Product, and National Income. GDP provides … GDP is most often used to measure the economic growth, purchasing power, and overall economic health of a nation. There are two principal ways of calculating GDP: Expenditures Approach: GDP = C + I + G + (X-M) and Income Approach: view the full answer a) tariffs b) imports d) investments 2 See answers Adedokuntunde6 Adedokuntunde6 Answer:The answer is D. There are different ways to measure gross domestic product (GDP), including adding up consumption ,_____ government expenses, and net exports. We break down the GDP formula into steps in this guide. There are different ways to measure Gross Domestic Product (GDP), including adding up consumption, investments, government expenses, and net exports. a. earn, spend b. spend, save c. earn, save Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. Gross Domestic Product (GDP) is the total market value of all of the goods and services provided from within the borders of a country during a set time period. Added 8/15/2015 7:57:12 AM Gross Domestic Product (GDP) is the monetary value, in local currency, of all final economic goods and services produced in a … One of the most common ways to measure the size of an economy, in other words, the aggregate output of a country, is by compiling the gross domestic product (GDP).As defined by the World Bank, GDP represents the market value of all final goods and services produced within a country’s borders, during the course of one year. 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