1. Define GDP
2. Why are final goods and services included in GDP and not intermediate goods?
3: Why are changes in business inventories included in GDP?
4: What is the difference between nominal and real GDP? How is real GDP calculated?
5: The GDP deflator is similar to a price index. How is a price a index calculated ?
6: How do you know which year is the base year used in the price deflator
7: Explain the four phases of the business cycle.
8: What variables shift the aggregate demand.
9: What variables shift the short run aggregate supply.
10: What variables shift the long run aggregate supply
11: Fill in the blank in the following table
Year Nominal GDP (billions of current dollars)
2005
2006 6500
2007 9500
Real GDP ( billions of 1992 dollars) GDP Deflator
4800 120
5000
150
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