1) What is GDP? Explain each variable of the GDP equation. 2) What is the difference between 'real GDP' and 'nominal GDP'? 3) What is Aggregate Demand and Aggregate Supply? What is the equilibrium point known as in macroeconomics? 4) Explain what happens when there is a shift to the left, i.e., below the equilibrium point? 5) Explain what happens when there is a shift to the right, i.e., above the equilibrium point? 6) Explain the logic of the 'prosperity cycle'. Who do you find more convincing: Adam Smith or Keynes? (In other words, demand comes first or supply?) Justify