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1.Be able to calculate real and nominal GDP and explain what they measure. This includesrelated terms like capital, intermediate goods, and investment. (Ch. 8.1 & 8.3 and notes)2.Be able to explain (i) what fiscal and monetary policy are, (ii) how they influence the economy, and (iii) how they are currently being used in the U.S. This includes numbers for federal expenditures, taxes, debt, and deficit. (notes)