The measure of the value of total final production in a country during a year is the gross domestic product.

1. Discuss macroeconomic theory and presents what are the variables that determine 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 the difference is between nominal GDP and real GDP.
4. How is it calculated and what is the importance of the growth rate of GDP or GNP of Puerto Rico or of any country? Explain.
5. What is the ratio of the GDP growth rate to the business cycle? Explain.