1. List the components of GDP and give an example of each. Why do economists use real GDP rather than nominal GDP to gauge economic well-being? Why is it desirable for a country to have a large DGP? Give an example of something that would raise GDP and yet be undesirable.
2. Describe problems that make the consumer price index an imperfect measure of the cost of living. Explain the meaning of nominal interest rate and real interest rate. How are they related?
3. Discuss some of the main arguments economists make in support of free trade.
4. If free trade is generally considered by most economists as beneficial, why would nations engage in any form of trade restriction such as tariffs or quotas?
5. To what extent are differences in geography behind the differences in absolute advantages? (A recommended resource to respond to this question would be to view any of the videos posted on the Internet featuring the film adaptation by National Geographic of Dr. Jared Diamond’s book Guns, Germs and Steel).
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