The national income accounting system measures economic activity based on the concept of _____.
a. absolute advantage of different industries in an economy
b. the circular flow of precious metal and money through the different sectors of an economy
c. comparative advantage of different industries in an economy
d. the circular flow of output and income through the different sectors of an economy
e. the circular flow of labor and other resources through the different sectors of an economy
Question 2
If fiscal policy makers increase aggregate demand in an attempt to decrease the unemployment rate below the natural rate of unemployment, then:
a. the potential GDP will decrease.
b. the potential GDP will increase.
c. the only lasting impact of the policy is a higher price level.
d. the only lasting impact of the policy is higher real GDP.
e. the only lasting impact of the policy is lower real GDP.
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