Question: 1. What is the difference between a real and nominal measure? 2. What is meant by the term Real GDP? 3. What are the 4

1. What is the difference between a "real" and "nominal" measure?

2. What is meant by the term "Real GDP"?

3. What are the 4 stages of the Business Cycle?

4. Define what is meant by the terms: Potential Output, Recessionary Gap and Inflationary Gap.

5. Why is National Income an important measure of economic performance?

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