What are potential gdp measurement issues

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Assignment:

1. How is GDP measured?

2. What are potential GDP measurement issues?

3. What is the difference between real and nominal GDP?

4. Examine the current monthly Employment Situation Summary report from the BLS at

  • How big is the current civilian labor force?
  • What is the labor participation rate?
  • What is the official unemployment rate?

5. Explain how Okun's Law estimates the costs of unemployment on the economy.

6. Discuss why it is very difficult to reduce the unemployment rate below the natural rate?

Reference no: EM133205188

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