Problem
1. Distinguish between a flow measure and a stock measure. Which type of measure is GDP?
2. Why are capital goods and inventories treated differently from intermediate goods in the production approach to measuring GDP?
3. Identify the four major expenditure components in the national income identity and discuss the major subcategories of each component.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.