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GDP and Macroeconomics

GDP is a key concept in Macroeconomics. Please review the material covered in the topic called Measuring Domestic Output and National Income.

a.What is the definition of GDP?

b.Tell me the level of real GDPand real GDP per capitafor the past 5 yearsand tell me how you think we were doing in each of those years.

c.Go to topic called Economic Growth and look at slide 3 and tell me if the falling trend line is a good or bad thing for the nation andwhy. Please be thorough!

d.List and explain in detail,the 3 different approaches to calculating GDP.

i.List and explain the approaches and how you would use each to calculate GDP.