1. what is the difference between real gdp and

nominal gdp?

2. explain why the sale of used goods is not

included in gdp?

3. if an economy's nominal gdp increased by

3%, why do you thing that this information is

not enough to determine whether the

economy experienced economic growth?

4. why is gop not the best measure of standard

living?

5. explain the two properties of pure public

goods.

6. if there is an increase in the number of

consumers and producers, explain the impact

on the market equilibrium.

7. if there is an increase in the amount of

resources available in the economy show the

impact on the products possibilities frontier.