Chapter 1 exercises

Chapter 1 exercises - 5.1: The "flip" sides of...

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5.1: The “flip” sides of macroeconomics 1.1 The circular flow describes the process by which GDP generates income , which is spent on goods and services. 1.2 In factor markets, labor and capital are traded; in product markets, goods and services are traded. 1.3 The department of commerce produces the National Income and Product Accounts. 1.4 Macroeconomists are primarily interested in the incomes of particular individuals and production from particular firms. False 5.2 The production approach: measuring a nation’s macroeconomic activity using GDP 2.1 Consumer Price Index is not a component of GDP 2.2 transfer payments is excluded from GDP 2.3 The difference between gross investment and net investment: gross investment: total of new investment expenditures 2.4 Net exports is the difference between exports minus imports 2.5 HELP!!! 5.3 measuring a nation’s macroeconomic activity using national income
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Chapter 1 exercises - 5.1: The "flip" sides of...

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