Imaginea closed economyin whichtwo industries exist: Red and Blue. Inventories do not change

Industry Red produced all machinery and intermediate inputs of this economy with total sales of 100. It paid 50 on wages, 20 on rent and 15 on interest.

Industry Blue produced consumption goods only. It paid 80 in wages, 30 in interest, 25 in rent and it made a profit of 10.

We wantto estimateGPP.What approach or combination of approaches to Planet Accounting do we need to do this accurately?

1. The expenditure approach
2. The income approach
3. Both the expenditure approach and the income approach
4. Boththe production approachand the income approach