Main macroeconomic variables, productivity and growth

1. Discusses the macroeconomic theory and presents the variables that determine the gross domestic product. Explain each variable.

2.What are the two approaches used to measure gross domestic product? Explain each approach.

3.To measure the economic development of a country it is necessary to evaluate the behavior of nominal GDP and real GDP. Using the macroeconomic theory presented in the content of the module, explain what is the difference between nominal GDP and real GDP.

4. How is it calculated and what is the importance of the GDP or GNP growth rate of Puerto Rico or of any country? Explain.

5. What is the ratio of the GDP growth rate to the business cycle? Explain.