1.The circular flow describes the process by which GDP generates __________, which is spent on goods and services. 2. Macroeconomics is the study of the __________ (national/international) economy...

1.The circular flow describes the process by which GDP generates __________, which is spent on goods and services.

2. Macroeconomics is the study of the __________ (national/international) economy taken as a whole.

3. Which government department produces the National Income and Product Accounts?

a. Department of Education

b. Department of Commerce

c. Congressional Budget Office

d. Council of Economic Advisors

4. In the circular flow diagram, the payments made by __________ (firms/households) to __________ (firms/ households) are wages and salaries, interest on borrowed money, and rent on office and factory buildings.