Gross Domestic Product (GDP)

1. Explain the formula used to calculate Gross Domestic Product (GDP) 5 marks.

2. Summarize the consumer expenditures portion of the GDP calculation and provide 2 explains of purchases you've recently bought that would fall under this category.

Macroeconomic School of Thought

1. Summarize and explain the difference between the classical view and Keynesian view of economics. 5 marks

2. Explain the connection of both views towards the Aggregate Supply (AS) and Aggregate Demand (AD model). 5 marks

Fiscal Policy

1. Summarize the economic definition of fiscal policy and explain how budget making is connected to it. 5 marks

2. Provide a brief reflection on how you feel the government of Canada's overall fiscal policy is? For example, do you think it's good or bad?