1. Assume that in year 1 an economy produces 10,000 units of output and they sell for $100 a unit, on average. In year 2, the economy produces the same 10,000 units of output, and sells it for $90 a unit, on average. What happened to the to nominal GDP and to real GDP between years 1 and 2? Why? Provide calculations of both nominal and real GDP for years 1 and 2.

2. Explain the difference between final and intermediate goods, and give an example of each.

3. Watch the Video on S. Korean and Finland education system. What differentiate these two systems from the US? Does it applicable to the US, and would we benefit from adapted anything from these two education system, if anything at all? Explain your point of view.