1. A friend who knows of your interest in economics comes up to you after reading the latest GDP data and excitedly exclaims, "did you see that nominal GDP rose from $27 trillion to $30 trillion?' what should you tell your friend about this news?

2. Leisure time is not included in GDP, but what would happen if it was included? Would high-work countries like South Korea fare better in international comparisons of well-being, or worse? Discuss!

3.How to e calculate the. GDP by expenditure method and GDP by income approach?