8.Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?

9.The Central African Republic has a GDP of 1,107,689 million CFA francs and a population of 4.862 million. The exchange rate is 284.681CFA francs per dollar. Calculate the GDP per capita of Central African Republic.

10.Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living.

1. The environment becomes dirtier
2. The crime rate declines
3. A greater variety of goods become available to consumers
4. Infant mortality declines

11.What are the main components of measuring GDP with what is demanded?

12.What are the main components of measuring GDP with what is produced?

13.Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?

14.Why must you avoid double counting when measuring GDP?

15.What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?

16.How do you convert a series of nominal economic data over time to real terms?

17.What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?

18.What are the two main difficulties that arise in comparing different countries's GDP?

19.List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a country.r