Real GDP (trillions of 2009 dollars) K Potential H GDP G 2006 2008 2010 2012 2014 2016 Time In the above figure, which point represents an economy which is at the peak part of a business cycle? O point F O point G O point I O point KOf the following, the largest component of GDP is (:1 personal consumption expenditure. (:1 gross private domestic investment. (:1 government expenditure on goods and services. (:3 net exports of goods and services. Transfer payments are not included in GDP because O their market value cannot be accurately determined. O they do not generate additional income. O they are not purchases of goods or services. O their value is included in government expenditure.Transfer payments O are included in the government expenditure category in gross domestic product. O refer to all payments made to households by governments. O refer to payments made by the government that are not made to purchase a good or service. O are made by households to firms in exchange for goods and services.\fWhich of the following purchases is included in personal consumption expenditures when determining gross domestic product? O purchase of a new house because of the arrival of a new baby O purchase of a new office building O vacation expenses for a spring trip to Fort Lauderdale O purchases of jeans to add to a store's inventoryIf both aggregate output and the aggregate price level increase: O real GDP will increase faster than nominal GDP. O nominal GDP will increase faster than real GDP. O it makes no difference to real or nominal GDP. real GDP and nominal GDP will increase faster than the price level.Last year in the country of Nerf imports equaled exports. Nerf's GDP was $500 million, its consumer expenditure was $380 million, and its investment was $20 million. Nerf's government expenditure on goods and services were O $100 million. O $900 million. O $500 million. zero