1. The individual components of total expenditures are: consumption, ______, government expenditures, and net exports.

2. An inflationary gap is caused by an excess of total ______ over the current level of output in a fully employed economy.

3. The whole economy is at an equilibrium when total ______ equal income and output in the economy, which means that we are buying all the output we are producing in the economy.

4. At a disequilibrium, either total expenditures exceed income and output, or income and output exceeds total ______.

5. The private sector is at an equilibrium when total expenditures equal ______ plus investment.

6. Since it is not desirable for the economy to be at an equilibrium below full employment and, similarly, it is not desirable for the economy to be at an equilibrium above full employment, the only desirable equilibrium is the full ______ equilibrium.

6. A recessionary gap is most often caused by a lack of aggregate ______.