Principles of Macroeconomics Spring 2020

Please answer each of the questions below in short-answer format. Write your responses in complete sentences. Each answer should be two – three paragraphs (150 – 250 words) in length.

When comparing the GDP of different countries, two issues immediately arise – currency and population differences. How does one account for these while comparing the GDP for different countries? Provide examples and explain your answer.
What is the “natural rate of unemployment”? Provide examples and explain your answer.
What is the difference between inflation and a price increase in a particular market? Provide examples and explain your answer.
Which of the following are included in GDP, and which are not? Write in paragraph form. Provide examples and explain your answer.
The rise in life expectancy over time
Child care provided by a licensed day care center
Child care provided by a grandmother
The sale of a used car
The sale of a new car
The iron that goes into the steel that goes into a refrigerator bought by a consumer.
Define “implicit contracts” in employment and explain their real significance to both employer and employee.

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Use the following citation whenever you use the materials I attached:
Rio Salado College. (n.d.). Lesson 4: Measuring the Economy. In ECN211: Principles of Macroeconomics Spring 2020. Retrieved: (retrieval date) from http://riolearn.org

Principles of Macroeconomics Spring 2020

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