1. How do economists use GDP to measure various aspects of the economy?
2. What is the cause of inflation? What does inflation do to the purchasing power of money?
3. In his song "Allentown," Billy Joel sings about the demise of the steel and coal industry in Pennsylvania. Why do you think the loss of manufacturing jobs was so difficult on the workers in areas like Allentown and other parts of the Midwest where manufacturing was once the largest employer? What type of unemployment is the song about?