Questions:
1. If you had to pick ONE measure to use in order to gauge the general standard of living of the American people, what would it be? Why would you pick this one and not another? What are some pros and cons of using this one measurement? (In crafting your answer, please be detailed in your list of pros and cons, perhaps even comparing your selected measure to some others.)
2. Provide an example of how inflation has (or may in the future) impacted your life. Why might the increase in the overall price level of the good/service you picked have a different impact on someone else's standard of living than it does yours? BE SPECIFIC!
3. Technology plays an important role in the 21st century economy, especially regarding computing power, trade and communications. In your opinion, how might the continual improvement in technology affect the nation's unemployment situation? Also, how might increased productivity from technological advances impact wages? (Keep in mind that there may likely be benefits and drawbacks to advances in technology with regard to global job markets.)
4. According to the Bureau of Economic Analysis (BEA), the U.S. GDP grew at a real, annualized rate of 5.0% in the 3rd quarter of 2014 (July-Sept). Please answer the following in essay/short answer format:
a) Why is a growing economy generally considered important to the economic well-being of a nation?
b) Is this necessarily the best indicator of a growing economy? Explain.
5. A common question presidential candidates ask the voting public during their campaigns is "Are you better off today than you were 4 years ago?" Along that line of thought, I'd like you to answer this question: Are Americans better off today than they were 10 years ago? Please explain why or why not by using several aspects of economic and/or social well-being.