In an example, given real income and CPI index, be able to calculate the real income.
1) In an example, given real income and CPI index, be able to calculate the real income.
2) Know what happens to the price and demand for substitute and compliment products.
3) Given an example, figure out the Net National Product.
4) Be able to identify what is considered an investment component of GDP.
5) Given statements, be able to distinguish Positive vs. Normative statements.
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