macroeconomics

Questions 1. Discuss the meaning of business cycle. Name the four phases of a complete business cycle in sequence order. 2. Compare and contrast the characteristics of ancient and modern economic growth. 3. What accounts for the difference in standard of living between rich and poor countries? 4. Explain the relationship between saving, investment and future consumption. 5. What is the definition of GDP? Why is GDP a monetary measure? 6. Why does GDP accounting avoid double counting 7. What would be in personal consumption expenditures by households? 8. Explain how to calculate NDP, NI, DI when the GDP value is given. 9. What is the difference between nominal GDP and real GDP? 10. Discuss the three types of price indexes. Which one of them is most closely followed price index