answer in three to five sentences per question.

1. Is GDP a good measure of output? What are its strengths and weaknesses?

2.How are changes in the price level measured? How much have prices increased in recent years? What is the difference between real and nominal GDP?

3. What is the difference between GDP and GNP?

4. Based upon your understanding of the Samuelson article, provide a brief example of the difference between a microeconomic matter and a macroeconomic matter.