The single largest expenditure component in GDP is

Despite its limitations, what does GDP per capita serve as?

While one occasionally sees references to inflation over short time periods, the term typically implies a(n)_____________ in prices.

Full employment corresponds to which state of the economy?

GDP does not account for which of the following activities?

Which item has the largest weight in the CPI basket?

The U.S. economy is experiencing rising output, rising employment, rising incomes and falling unemployment. These conditions best describe a business cycle

Consider the data below (in billions of dollars) for an economy. Gross domestic product for this economy equals:Consumption expenditures$950Investment expenditures$325Government purchases$300Government transfer payments$420Exports$100Imports$150

The GDP deflator in year 2 is 106 using year 1 as a base year. This means that, on average, the price of goods and services is

If a person’s nominal income increases by 5% while the price level increases by 2%, then that person’s real income: