GDP (graded)
1. Go to the Bureau of Economic Analysis website, www.bea.gov, and access the BEA interactively by selecting “National
Accounts” and then “National income and Product Account Tables.” Select “Frequently Requested NIPA Tables.” And find
Table 1.1.1 on GDP. What is the current GDP growth rate for the U.S.? Examine the trend over the past few years. What
trends interest you? What stage of the Business Cycle would the U.S. economy be in currently given the trends? Why might
GDP not be considered an accurate measure of economic well-being of a country? Identify at least three limitation of GDP
as a measure of economic well- being.
Unemployment and Inflation (graded)
2. Go to the Bureau of Labor Statistics website, www.bls.gov/news.release/empsit.toc.htm, and clicks on “Employment
Situation Summary” to get the most up-to-date summary of unemployment in the U.S. or the “Employment Situation Summary
Table A. Household data, seasonally adjusted.” What interests or surprises you about the summary table? How does that
rate compare with the rate in the previous month or quarter? Discuss the differences in unemployment rates by gender,
age, education, etc.
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