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What is gross domestic product (GDP) and what is the use of it

(i). (a). What is gross domestic product (GDP) and what is the use of it? [5 marks]

(b). Comment on how well this measure serves its intended purposes. [4 marks]

Practice work for the above activity: * Textbook: REVIEW QUIZEs 1 and 2, p.400; REVIEW QUIZE 1, p.409; read pages. 407-408. Additional Problems and Applications, 27-28, p.419;

(ii). (a). What is unemployment [2 marks] (b). Can a country achieve a 0% unemployment rate, Explain. [5 marks]

Practice work for the above activity: * Textbook: REVIEW QUIZEs 1 – 4, p.429; Study Plan Problems & Applications 1 – 4.

(iii). (a). What is inflation, and how it is calculated [4 marks] Practice work for the above activity: * Textbook: REVIEW QUIZEs 3; Study Plan and Applications 12-16, p.440; Additional Problems and Applications 33 and 34, p. 442.

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