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Match the items given in column I with those in column II and select the correct option.

Matrix:

Column I

Column II
(a)
GDP
(i)
Final value of goods and services
(b)
Expenditure approach
(ii)
Wages
(c)
Intermediate goods
(iii)
Consumption
(d)
Income approach
(iv)
Used for producing the final good

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a-ii; b-iv; c-i; d-iii

a-iv; b-iii; c-ii; d-i

a-i; b-iii; c-iv; d-ii

a-ii; b-iii; c-iv; d-i

answer is C.

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Detailed Solution

GDP:

GDP, or Gross Domestic Product, is the final value of all goods and services produced in an economy in a financial year. It is calculated across all sectors of the economy.
       2.   Expenditure approach:
The expenditure approach is used in calculating the GDP of a country. It is obtained by adding consumption, investment, government expenditure, and net exports, which are obtained by subtracting imports from exports.
       3. Intermediate goods:
Intermediate goods are the goods used in the production of the final good. Their value is not taken while calculating GDP to avoid double counting. For example, if a biscuit is an absolute good, then sugar and flour can be considered as the intermediate goods for producing the final good biscuit.
       4. Income Approach:
The income approach is another method used to calculate the Gross Domestic Product of an economy. It is obtained by adding up the income earned, which consists of rent, wages, interest, and profit.

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