1. What is GDP? 2. How does GDP avoid multiple counting and exaggeration of the value of GDP? 3. What are the things not included in GDP? 4. Calculate GDP using the expenditure approach. 5. What is The CPI? What is the biggest problem with the CPI? 6. What is the difference between NGDP and RGDP? 7. What is the difference between the CPI and GDP price index? 8. What are the four phases of the business cycle? Make sure you are able to explain what happens in each phase.