If the real gross domestic product (GDP) is $5 trillion for a particular year and the GDP price index is 140, then the nominal GDP is $7 trillion

The four components of GDP are consumption expenditures, private investment expenditures, government purchases, and transfer payments

Indicate whether the statement is true or false

The total product curve shows the relationship between total product and

A) cost. B) the quantity of labor. C) the average product. D) the marginal product. E) the marginal cost.