Problem 1. Define List the components of GDP in the output (expenditures) approach and in the income approach, NDP, NI, PI, and DI.
Problem 2. What is an investment schedule and how does it differ from an investment demand curve?
Problem 3. What is Say's law? How does it relate to the view held by classical economists that the economy generally will operate at a position on its production possibilities curve. Use production possibilities to demonstrate Keynes's view on this matter.