1.What is the definition of GDP?How is GDP expressed in Purchasing Power Parity different from GDP in absolute terms?Compare and contrast GDP and PPP for the following countries:

Uzbekistan

Kazakhstan

Russia

China

USA.

Rank countries based on GDP and PPP. Are there any differences? Why? Is the gap between countries the same when measured in GDP and PPP?

2.What is the role of Central Bank in a country? What is monetary policy and what are the tools of monetary policy?

3. What is the definition of inflation? What is the most recent rate in inflation in Uzbekistan? What is the most recent inflation rate in the USA? What do these numbers mean, what does it mean when inflation rate is high? Is inflation good for business?

4.What is definition of business cycles? What policies can government use in the case of recession? Explain government policies during the Great Recession.