Question

Which of the following statements is true, which statement is false? Explain for each statement whether it is true or false.
21) The income of U.S. citizens working abroad counts in U.S. GDP.
22) Double counting can be avoided by using the value-added approach when calculating GDP.
24) As long as an item has never been sold, its value is counted in GDP for the year in which it is finally sold.

Answer 1

21) true

22)true

24)false