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Worksheets Chapter 6 Fill in the Blank Please add the appropriate word or words to complete the sentences. . Gross Domestic Product is the sum total of all the goods and _, produced and _, within a country's borders, for a given period, calculated in a monetary value, which are allocated to the purchaser. 2. The expenditure approach is the sum of all purchases in the categories of consumption, government, and net exports on final goods and services for a given period. 3. The largest component of the expenditure approach is purchases of goods. 4. The income approach is the sum of all incomes paid to the categories of landlords, capitalists, and entrepreneurs for the production of final goods and services for a given period. 5. or employee compensation is the largest component of gross domestic income or factor income in GDP accounting. 6. The term means unadjusted, gross, or current. 7 . The term is used to refer to any statistic which has been adjusted for inflation. 8. On the expenditure side inflation will make GDP appear than it really is because it is reflected in market values. 9. These market values or are in nominal terms which include inflation. 10. An increase in inflation will decrease wages, rents, interest, and profits