The value of GDP calculated by the expenditure method:
a. includes inflation, while the value of GDP calculated by the income method excludes inflation.
b. excludes inflation, while the value of GDP calculated by the income method includes inflation.
c. is always equal to the value of GDP calculated by the income method

If prices rise and income stays the same, what is the effect on demand?

(A) More is bought of some goods and less of others. (B) More goods are bought. (C) Demand stays the same. (D) Fewer goods are bought.

The United States has a trade ________ with all its major trading partners and a trade ________ with every region of the world except for Latin America

A) deficit; deficit B) deficit; surplus C) deficit; balance D) surplus; deficit E) surplus; surplus