Economic Output, Growth, Labor Markets, and Technological Change

1. Measuring US Output. ;Mayer describe the importance of GDP as a measure of our economic well-being. ;Explain what is included in GDP. Mayer also notes that this measure omits some things that are important in describing how well-off we are. ; Provide examples of things that you think are important to you or to society, but which are omitted from the GDP measure. ; Why do you think they are omitted? ;

2. In Chapter 19, Mayer describes four factors that lead to economic growth. ;Explain each of them. ; Thinking about a production possibility frontier (see Reffonomics), with all final goods on one axis and all final services on the other axis (our GDP), explain why we might be inside the frontier? ; In contrast, how can we go beyond the frontier?

3. What are the three types of unemployment that Mayer describes? What is U6? ;Why is duration of unemployment important (listen to Atlanta FED video)?