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Adresses how economists measure various nations' economies using measures such as Gross Domestic Product (GDP). In doing so, it highlights the various components of the GDP, the difference between nominal and real GDP, and the limitations of the GDP as a measure of national income.

1. U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell you, and what does it not tell you, about the well-being of U.S. residents? What are the limitations of the GDP as a measure of economic well-being? Given the limitations, why is GDP usually regarded as the best single measure of a society's economic well-being?

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1. What is an intermediate good? How does an intermediate good differ from a final good? Explain why the value of intermediate goods produced and sold during the year is not included directly as part of GDP.Explain why the value of intermediate goods produced and not sold is included directly as part of GDP.

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3) GDP is defined as the market value of all final goods and services produced within a country in a given period of time. As we covered in the previous question, intermediate goods are not included in GDP. However, that is not the only production that is left out of GDP. Explain why some final goods and services, other than intermediate goods, are not included in GDP.

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1. The table below contains hypothetical data for country A fora given year.

Refer to the Table above to answer the following questions. Be sure to showall of your calculations.

1. What was country A's GDP?

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1. What was country A's consumption?

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1. What was country A's investment?

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1. What were country A's government purchases?

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1. What were country A's exports and imports? What was the net export?

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5) Calculate how much each of the following items is worth in terms of today's dollars using 180 as the price index for today.

a. In 1925, the CPI was 18 and the price of a movie ticket was $0.30.

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b. In 1930, the CPI was 14 and a cook earned $20 a week.

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c. In 1940, the CPI was 16 and a gallon of gas cost $0.20.

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