Fill in the blanks to make the following statements correct.

1.1 The value of total production of goods and services in Canada is called its ________ National __________ and national __________ are equal because all production generates a claim on its value the form of income.

1.2 The difference between nominal national income and real national income is that with the latter, __________ are held constant to enable us to see changes in ___________.

1.3 The output gap is measures the difference between _____________ and _________.During boom, __________ is greater than ____________; during recession, ____________ is less than ____________.

Question 2

Briefly explain the Great Depression.

Question 3

Explain the phenomenon of stagflation.