You will be using chapter 8 up to 141.
1.What is GDP per capita and how may it be used as an economic indicator?
2. Why is GDP per capita still an imperfect measure of living standards?
3. Diagram the business cycle model in your notes. Name each phase and note the types of economic conditions said to occur in each phase.
4. Define: unemployment, unemployment rate, labor force, full employment
5. Identify each type of unemployment and provide a real-life example.
6. Explain Okun's Law and the relationship between GDP and UR.
7. To what extent is the unemployment rate inaccurate? Explain.
DUE MONDAY. Have a wonderful weekend.
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