1 What are the characterizing features of perfect competition ? Q2 Define normal Profit Q3 Explain the expenditure approach of measuring GDP Q4 Explain the income approach of measuring GDP Q4Disposable Income (DI) is personal income minus personal taxes and other personal transfers to government True or False Q5What are the limitations of a GDP measure as an indicator of a standard of living of people? Q1 What is consumer price index number? Q2 Write a formula of measuring inflation rate Q3 What is GDP deflator? Q3 Explain briefly the types of unemployment Q4 Define full employment? Q5 What is potential output? Q6 What is Okun's Law