Question : The product method used to calculate the annual value of goods and services produced is also called___________.
Option 1: value added method
Option 2: income method
Option 3: expenditure method
Option 4: depreciation method
Correct Answer: value added method
Solution : The correct answer is the value-added method .
The value-added or output methods are other names for the product method. GDP is computed using the product approach, which adds up the gross value added across all industries (resident sectors) at different production phases. This method helps to estimate GDP at the level of production.
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