In the Classical model, an increase in aggregate demand leads to __________ real GDP and __________ price level

Which of the following is the most open economy?

a. Germany b. the Netherlands c. the United States d. Japan e. Canada

Calculating the value of an economy is more complex than just adding up the value of every single thing that is produced because that would lead to:

A. overcounting, as the value of intermediate products would be counted twice. B. overcounting, as there is a mark-up in everything that is sold. C. undercounting, as most goods are not sold in retail markets. D. undercounting, as only observable markets can be recorded.