Question: 1. What is the difference between GDP and GNP? Use the internet to find the numbers for US GDP and US GNP for the year 2016? Make sure you state the source of your information. Why are the numbers different? Which, in your opinion, is a better measure of a country's economic progress? Why?
2. What is the current rate of unemployment and the rate of inflation? Make sure you provide the source of your information. What did President Obama do to help us in our latest economic crisis? Do you believe his proposals were effective? Why or why not?
website: The white house president Barack obama
What are your impressions of his proposals?
3. The NBER dates recessions on the basis of changes in real GDP. There is some argument that it might be better to look at other measures, such as the unemployment rate, to date recessions. What are your thoughts on this? How would this argument have changed the length of the 2001 recession?
You might find it useful to look at this website: The national bureau of economic research