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1. Explain why an economy's income must equal its expenditure.

2.Which contributes more to GDPthe production of an economy car or the production of a luxury car? Why?

4.Many years ago, Sophie paid $500 to put together a record collection. Today, she sold her albums at a garage sale for $100. How does this sale affect current GDP?

5. List the four components of GDP. Give an example of each.

6.

Why do economists use real GDP rather than nominal GDP to gauge economic well-being?

7. why is it desirable for a country to have a large GDP? Give an example of something that would raise GDP and yet be undesirable.