Answer following questions in your own words. 1. Define Gross Domestic Products and discuss various components of GDP. 2. What is Value added method and how to calculate GDP with this method. 3. Define and distinguish Nominal GDP and Real GDP. How Real GDP is calculated. 4. Define unemployment and explain Frictional, Structural, Cyclical and Natural unemployment. 5. Define Money and discus various features of money. 6. Write a note on the structure of Federal Reserve System Also discuss functions of Federal Reserve System. 7. Define fiscal policy and also discuss in the context of United States.
