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1. What is GDP? What is it supposed to measure and how it is calculate? Why is GDP growth good? How is concept of GDP criticized?

2. What is inflation? What is it supposed to measure, and how is it calculated? Why is high inflation bad? How is measurement of inflation criticized?

3. What is unemployment? What is it supposed to measure, and how is it calculated?Why is high unemployment bad? How the measurement of unemployment criticized?

4. What are the " for U.S. GDP, unemployment, and inflation?

5. Beside nominal GDP, what other variation of GDP were covered in class?

6. What components make up GDP expenditures?

7. What are strategies for a country's long -run economic growth and short-run economic fluctuations?

8. What is the AE model? How does spending affect output, and how does the multiplier work?

9. What is the AS-AD model? How is it derived? What variables does it determine?

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