Write your responses in complete sentences. Each answer should be two – three paragraphs (150)in length.
1. Explain the terms Labor Force, Labor Force Participation Rate and Unemployment Rate. What is the relationship between these three measures?
2. What is a price index? Explain the terms Producer Price Index and Consumer Price Index. Is there any relationship between them?
3. What is Structural Unemployment? Identify two policies that governments can employ to address it.
4. Define Gross Domestic Product? Why does it exclude intermediate goods, second hand goods, and transfer payments?
5. Identify and explain three major limitations in using GDP as a measure of society’s well-being?
_____
The source should be the text book and chapters 1 – 8, the text book is Economics today, The macro view student edition 18

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