How does GDP avoid multiple counting and exaggeration of the value of GDP?

Final Exam Study Guide nnMacroeconomicsnncomplete all questions for all modules.nnChapters – 6 -10 12-16, 18nnChapters 6 – 9n

n
1. What is GDP?

n

2. How does GDP avoid multiple counting and exaggeration of the value of GDP?

n

3. What are the things not included in GDP?

n

4. Calculate GDP using the expenditure approach.

n

5. What is The CPI? What is the biggest problem with the CPI?

n

6. What is the difference between NGDP and RGDP?

n

7. What is the difference between the CPI and GDP price index?

n

8. What are the four phases of the business cycle? Make sure you are able to explain what happens in each phase.

n

9. Define and give examples of the types of unemployment?

n

10. What is the economic cost of unemployment and how is it measured? What is Okun’s Law?

n

11. Define Full employment.

n

12. What are the unequal burdens of unemployment?

n

13. What is inflation, and how is the rate of inflation measured?

n

14. How is the unemployment rate measured?

n

15. Compare and contrast demand – pull and cost-push types of inflation

n