Post your response to the following: What are the advantages and disadvantages of using the Gross Domestic Product (GDP) as a measure of productivity and economic health? Explain your answers

1.

Discussion Question 1

• Post your response to the following: What are the advantages and disadvantages of using the Gross Domestic Product (GDP) as a measure of productivity and economic health? Explain your answers.

2. Discussion Question 2

• Post your response to the following: Discuss the relationship between the level of GDP and economic well-being. What factors of well-being are missing from the GDP? Is there a point where the GDP could increase to such a high level that economic well-being could be compromised? If so, describe some of the opportunity costs associated with maximizing the GDP.

3. Checkpoint: Calculation of the Consumer Price Index (CPI)

The Bureau of Labor Statistics follows five steps to calculate Consumer Price Index.

• Resource: Ch. 24 (pp. 520-522) of Principles of Economics and Appendix D

• Review Appendix D. Using the chart provided, identify three strengths and three weaknesses of the calculation.

• Post a 200- to 300-word response that answers the following questions once your chart is complete:

o

What are the characteristics of the items listed as strengths?

o

What are the characteristics of the items listed as weaknesses?

o

If the CPI is imperfect, why do we use it?

Course Syllabus