dacro chapters 5,6,?,&3 l4e ESSAY. Write your answer in the space provided or en a separate sheet of paper. 1) Are there any measurement problems that occur with the GDP calculation? Explain. 2) Which is better for making comparisons overtime, nominal GDP or real GDP, and why? 3) How are total output and total income related to each other, and why? 4) Is the unemployment rate the same for all groups of people in an economy? Why or why not? 5) Explain the economic and the human costs of unemployment. 6) What is the difference between demand-pull inflatiOn and cost-push ination? 7) Based on the real interest rate} who tends to benet from unanticipated ination in terms of borrowing and lending? 8) Why did the Full Employment and Balanced Growth Act establish 3 percent ination as the benchmark rather than zero inflation? 9) What are the differences between classical theory and what Keynes believed? 10) What are the different phases of the business cyclc, and how are production and employment affected in each phase