I want the answers for these questions but with the detail answers

THINGS TO KNOW FOR TERM EXAM #2

1. Chapter 5

• What is GDP, real GDP, nominal GDP?

• Different ways to calculate GDP

• What is the CPI and GDP deflator? (differences/similarities)

• What are the growth rate, GDP deflator, gross investment, net exports, national income formulas?

• Economic goals, growth rate benchmarks, omissions from GDP/well being measure

• What is personal income, personal disposable income, savings, how calculated

2. Chapter 6

• What is the CPI, what calculated, what does it measure, problems with CPI with the way it is calculated

• Uses of the CPI measure

• How to correct economic variables for effects of inflation

• Real and nominal interest rates

3. Chapter 7

• Why discrepancy in economic growth rates between nations (rich and poor)

• What is standard of living, productivity?

• How productivity calculated, determinants of productivity?

• Relationship between savings, investment, productivity

• Government policies to change productivity

• Factors affecting productivity, production function