Read Chapter 2 – The Power of Definitions

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Contents:

Opening story: Reading the newspaper – 23

We Make It Up – 24

Gross Domestic Product (GDP) – 27

Exercise 2.2: What is Measured in GDP? – 32

Unemployment – 36

Exercise 2.2: What Type of Unemployment Is It? – 41

Inflation – 42

Exercise 2.3: Calculate the CPI – 45

Test Yourself, Key Terms, Answer Key – 48