Distinguish between durable goods, nondurable goods, and services.
Answer to relevant QuestionsWhat is an investment good? Why are some investment goods unintended? Use the following data to calculate GDP, GNP, NNP, national income, personal income, and personal disposable income. Why is MPC + MPS always equal to 1? For each of the three income levels shown, pro vide appropriate data to satisfy or be consistent with the absolute and relative income hypotheses. The creation of unwanted inventories or the depletion of wanted inventories signals coming changes in the level of national income. Explain.
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