Explain what you understand by the following:

1.Gross National Income.

2.Gross Domestic Product.

3.Development

4.New Human Development Index.

5.Institutions and their role in economic development.

6.Stages-of-growth model of development.

7.Harrod-Domar growth model. Briefly discuss the two key parameters in explaining growth according to the Harrod-Domar Model.

8.A developing country has a saving rate of 12 percent and an incremental capital output ratio of 3. Using the Harrod-Domar model, calculate what the GDP of this country will be next year if the current GDP is $ 1500?