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Intro to Macroeconomics
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Important features of GDP:
Important features of GDP:
dollar value
goods and services
final products, within a country's borders, and in a given year
Which equation represents the relationship between GDP and the four major expenditure components?
Which equation represents the relationship between GDP and the four major expenditure components?
C + I + G + (X-M)
Household spending on goods and services is known as
Household spending on goods and services is known as
consumption spending
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