Test 2 Practice Qs

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which of the following is not counted as part of gdp?
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Terms in this set (15)
the _____________ holds that a rise in price level will make domestic goods relatively more expensive ____________ exports and _____________ imports- foreign price effect - discouraging - encouraging__________________ are economists who generally emphasize the importance of aggregate supply in determining the size of the macroeconomy over the _______________.neoclassical economists, long runIf Keynes' law applies during economic contractions and Say's law applies during economic expansion, how will the four goals of macroeconomics be affected?trade-offs and connections may differ in the short run and long runWhether the economy is in a recession is illustrated in the AD/AS model by how close the _____________________ is to the potential GDP line.equilibriumWhy is productivity growth considered to be the most important factor in the AD/ASAD/AS model?it shifts the AS curve in the long-term