2a. a. Define the term Gross Domestic Product (GDP)? What are the two ways tomeasure GDP?b. How is U-3, the standard measure of unemployment calculated? Critics state that thismeasure understates the true level of unemployment. Why?c. What is the cause of frictional unemployment? And structural unemployment?

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. a. Define the term Gross Domestic Product (GDP)? What are the two ways tomeasure GDP?

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2a. a. Define the term Gross Domestic Product (GDP)? What are the two ways tomeasure GDP?
b. How is U-3, the standard measure of unemployment calculated? Critics state that this
measure understates the true level of unemployment. Why?
c. What is the cause of frictional unemployment? And structural unemployment?

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