Q1. Illustrate the difference between the intermediate goods and final goods and services?
Q2. Explain why are imports subtracted whenever GDP is computed in expenses approach?
Q3. If you woke up in the working and found that the nominal GDP has doubled the overnight, then what statistic would you require to check before you start to celebrate? Explain why?
Q4. Describe what does the consumer price index measure?
Q5. Describe the principal difference among the government purchases of goods and service and transfer payments?
Q6. Explain why are interest payments by the government considered as a part of personal income however not a part of national income?
Q7. Define the term production as an income generating activity.
Q8. Illustrate the meaning of inventory investment?