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Answereachquestionthoroughly,usingexamplestoillustrateyourpointwhereverpossible. 1.What is the relationship between real GDP and potential GDP? 2.What are the parts of a business cycle?What is their order? 3.What general categories

Answereachquestionthoroughly,usingexamplestoillustrateyourpointwhereverpossible.

1.What is the relationship between real GDP and potential GDP?

2.What are the parts of a business cycle?What is their order?

3.What general categories of goods and services are omitted from GDP?Why is each omitted?

4.If you cook a hamburger at home,what happens to GDP?If you go to Burger King and purchase a hamburger,what happens to GDP?

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