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Macroeconomic Modeling
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The national income accounts identity, for an open economy, is:
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The GDP deflator is equal to:
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Real GDP is a better measure of economic well-being than nominal GDP, because real GDP:
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Nominal GDP measures the value of goods and services in ______ prices, while real GDP measures the value of goods and services in ______ prices.
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In the national income accounts, the purchase of durables, nondurables, and services by households are classified as:
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In the national income accounts, goods bought for future use are classified as which type of expenditure?
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In the national income accounts, consumption expenditures include all of the following except household purchases of:
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In the national income accounts, all of the following are classified as government purchases except:
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If total investment (measured in billions of current dollars) equals $741, business fixed investment is $524, and residential fixed investment is $222, then inventory investment is:
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If total consumption (measured in billions of current dollars) equals $3,657, consumption of durable goods is $480, and consumption of nondurable goods is $1,194, then consumption of services is:
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