1. What are the three key macroeconomic variables?
2. What are the three macroeconomic objectives?
3. Define GDP? What it omits to avoid multiple counting? What does it fail to capture?
4. What are the three approaches to the measurement of GDP?
5. Differentiate between Real and nominal GDP.
6. What are CPI, PPI, GDP deflator?
7. What are the methods to measure the rate of inflation?
8. What is the application of the rate of inflation?
9. What are the weaknesses of CPI as a measure of the change in the cost of living over time?
10. Explain Purchasing power parity adjustment.
11. What is economic growth?
12. Define Rule of 70.
13. Labor Force: Define it. Who is included and who is excluded from the labor force?
14. What is the difference between the unemployment rate and labor force participation rate?
15. What are the different types of unemployment?
16. What is a natural unemployment rate?
17. What are the factors that cause natural unemployment?