Question 1In terms of understanding the overall volatility of GDP, consumption:Is important since it is among the more volatile components of GDPIs important since it has such a large weight in GDPIs unimportant due consumption smoothingIs unimportant due to Richardian EquivalenceQuestion 2Based on your knowledge of Chapter 13 (Some business cycle facts), for Canada,changes in labour's inputs reflects for the most part:OChanges in the supply of labourChanges in employment (as reflected in the unemployment rate)Changes in hours workedChanges in the productivity of labour

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nderstanding the ove Volatility GDP, consumptioh: Is important since it is among the more volatile components of GDP Is important since it has such a large weight in GDP Is unimportant due consumption smoothing

nderstanding the ove Volatility GDP, consumptioh: Is important since it is among the more volatile components of GDP Is important since it has such a large weight in GDP Is unimportant due consumption smoothing

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 11PA

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