What is the de.nition of Gross Domestic Product (GDP)? Explain each part of the de.nition.

(a) How can we measure GDP?

(b) What is GNP and how is it linked to GDP?

(c) What is National Income and how is it linked to GDP?

(d) What is real GDP? How is it measured? Find out the U.S. GDP (in current dollars) and U.S. Real GDP for

1980-2019 and plot them into the same graph.

(e) What is GDP de.ator? Why is it important?