HM Economics Questions
1. Which of the following indicators lead, lag, and are coincident with the business cycle? Indicator: Lead Lag Coincident Unit Labor Costs Stock Prices Nonfarm Payrolls Duration of Unemployment Industrial Production Manufacturing Workweek Manufacturing and Trade Sales Initial Claims New Orders for Consumer Goods CPI for Services Commercial Loans Building Permits
2. Explain why GDP may be a poor measure of the welfare of people in the economy. Give at least three reasons.
3. List at least two differences between samples and surveys.
4. Explain some of the pitfalls of basing judgments on data from samples. Give some ways to get around these problems. Number 1 is to indicate where they belong, the others just short answers which covers the questions.
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