1. What is GDP? Which are the main components? What is the difference between nominal and real GDP? What is GNI?What are the main differences between GDP and GNI?
2. Based on the video 'Who is counting?' discuss major deficiencies of GDP as a measure of welfare.
3. Give the latest estimated values of GDP, of GDP per capita, and of GNI, in the U.S., as reported by the US Department of Commerce, in both real and nominal values. Provide the most recent estimates of the rates of growth of GDP, in both real and nominal terms.