1. Is gross domestic product an accurate measure of the standard of living? Why or why not?
2. Describe the effect on GDP, unemployment, and inflation of each of the following:
(a) war, (b) elimination of environmental regulations, and (c) cuts in welfare benefits.
3. Do you believe in the trickle-down philosophy?
4. Consider other proposals to replace the federal income tax structure with a flat tax structure or a national sales tax. How would these alternative tax proposals affect income distribution?
5. What type of tax structure is the "fairest." What, if any, alternative tax structure would you propose to replace the federal income tax?