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Define GDP and explain how it is measured. GDP is the total market value of all final goods and services produced with a country in a given period on time. GDP is measure of income and expenditures of an economy
2. Describe both the expenditure and income approach to calculating GDP.
3. Explain the difference between gross private domestic investment and net private domestic investment. How is economic growth affected if net private domestic investment is negative?
4. Identify the four parts of a business cycle and describe what is happening to output, employment, & income in each part..
5. Define the three different types of unemployment and explain why full employment is considered less than 100% employment of the labor force.
6. Define both inflation and the CPI. What is the CPI used for?
7 Explain the difference between demand pull and cost push inflation. Of the two, which is considered to be self-limiting and why?
8 Identify and describe 3 groups that are hurt by inflation and 2 groups that are either unaffected or helped by unanticipated inflation.
9. Define aggregate demand. Identify the determinants of aggregate demand.
10. Explain three reasons for the downward slope of the aggregate demand curve.
11. What is the multiplier process? Explain how an initial increase of $5 million in Investment spending can lead to a $20 million increase in GDP.
12. Define fiscal policy and identify the two tools that government uses to implement it.
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