When the expenditure approach is used to measure GDP, the major components of GDP are
What will be an ideal response?
consumption, investment, government consumption and gross investment, and net exports.
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Double-digit inflation
a. has occurred in the United States in only three of the past fifty years b. has occurred throughout most of United States history c. is also called creeping inflation d. was the norm in the United States until the end of the Vietnam War e. has not occurred in the United States since the Great Depression
In a market economy, who makes the decisions that guide most economic activity?
a. firms only b. households only c. firms and households d. government
In Figure 1.1, which labeled point indicates that there are sufficient resources and technology to produce the combination of goods represented by that point?
A. only A B. only B and C C. only D D. A, B, and C
If the price of a good increases, then in the market for the type of labor needed to produce this good:
A. Employment will decrease B. The labor supply will increase C. The marginal product (MP) of labor will increase D. The marginal revenue product (MRP) of labor will increase