NVCC GDP and Unemployment Discussion
Description
6.1 How is GDP measured?
6.2 What are potential GDP measurement issues?
6.3 What is the difference between real and nominal GDP?
7.1 Examine the current monthly Employment Situation Summary report from the BLS at http://www.bls.gov/news.release/empsit.toc.htm (Links to an external site.).
- How big is the current civilian labor force? (Hint: Look over Table A. Household data)
- What is the labor participation rate?
- What is the official unemployment rate?
7.2 Explain how Okun’s Law estimates the costs of unemployment on the economy.
7.3 Discuss why it is very difficult to reduce the unemployment rate below the natural rate?
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