Which component of federal spending is included in GDP?

The total of all planned expenditures in the entire economy is the definition of

A) production possibilities curve. B) aggregate demand. C) net domestic product. D) aggregate supply.

Which of the following statements is true?

A) A rational consumer makes his decisions depending on what the majority chooses. B) A trade-off refers to the exchange of goods between economic agents through a barter system or mutual exchange. C) A budget constraint is an economic tool that quantifies the trade-off between consumption of two goods. D) All rational economic agents attempt to maximize their income.