levels. Using Real GDP lets us know any growth in RGDP is due to the fact that the economy is producing more goods and services and not due to the fact that the prices of those goods are increasing. XI. How do we calculate economic growth: (percent change in RGDP) XII. What are the phases of the business cycle and what is happening to RGDP in each phase? X. Drawbacks of the CPI: Explain the substitution bias, etc. XI. What has been done to eliminate some of these biases