The 3 approaches to measuring GDP are called the
A. accounting approach, income approach, and expenditure approach
B. product approach, cost approach, and expenditure approach
C. product approach, income approach, and expenditure approach
D. accounting approach, statistical approach, and income approach
Ans: C. product approach, income approach, and expenditure approach
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A rising rate of inflation: a. makes people more willing to hold money as an asset
b. reduces the usefulness of money as a store of value and thus increases the velocity of money. c. increases the usefulness of money as a medium of exchange and thus reduces the velocity of money. d. is usually preceded by a reduction in the money supply. e. does not have any effect on the velocity of money.
The variables on the vertical and horizontal axes of the aggregate demand and supply graph are
a. the price level and real output. b. real output and employment. c. employment and the inflation rate. d. the value of money and the price level.