An increase in the home country's income will result in a(n) ___ in the home country trade balance, and an increase in foreign income will result in a(n) ___ in the home country trade balance.

The purchase of a new machine to replace the one that is worn out is:

a. not included in GDP. b. included in gross investment. c. considered a personal consumption expenditure. d. not included in GNP. e. an increase in inventories.

Gross Domestic Product is an economic aggregate that represents the

a. potential output of a country. b. total product of a nation's economy. c. total income earned from all sales. d. total product that a country exports.