Quiz on Basic Macroeconomics Concepts (GNP/GDP and Unemployment)

1. Complete the table below:

Ways to measure GDP/GNP

The components The advantages over the other ways(give at least 2)

The problems of this particular way(Give at least 2)

1,2,3.

2. Show the effects of a high unemployment rate to inflation and GDP/GNP. Give at least two possible scenarios.

3. According to Lieberman and Hall (the authors of “Introduction to Economics”) there are three problems to GDP. Explain these three problems and assess if these three problems can be seen in the Philippine setting.

4. Do you agree with the critique made by Nuevo and Nera-Lauron (authors of “Economics for the Filipino”) about how the labor force is measured in the country? Why or why not? Explain.