Reference no: EM132313354

1. Provide a brief explanation of each of the components of Gross Domestic Product: Consumption Expenditures, Gross Private Domestic Investment, Government Expenditure, and Net Exports.
2. What type of unemployment (cyclical, frictional, or structural) applies to each of the following cases. Explain your answers
3. landscapers laid off in response to drop in new housing construction during a recession.
4. coal miners laid off due to EPA regulations that shut down coal fired power
5. a financial analyst who quits his/her job in Chicago and is pursing similar work in Arizona
6. factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.
7. Measuring price levels with a fixed basket of goods will always have two problems, substitution bias and quality/new goods bias. Explain this statement.
8. Why is per capita GDP only an imperfect measure of a country's standard of living?
9. What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms? How do you convert a series of nominal economic data over time to real terms?