1. GDP is the abbreviation for Gross domestic product. It is the total market value of
all final goods and services within a Nation it is calculated by consumption plus
governmental spending plus investments plus net exports.
GNP is th
Week 2: review Questions chapters 3 and 4
1. Is it accurate to say that as a nation's economy falls into recession, its structural
and frictional unemployment rates should rise?
2. Explain how the unemployment rate both und