Gross Domestic Product

1.Explain what GDP is and how is it measured
2.Evaluate the validity of using GDP as a measure of economic output.
3.Assess the validity of using GDP as a measure of social progress. Which elements (e.g., education levels, carbon dioxide emissions, gender/racial inequality) does GDP not consider?
4.Identify and describe two alternative (multidimensional) metrics that take into consideration more than the exchange value of economic output. Do those metrics capture social progress/well-being? Explain.
5.Explain if public officials focus exclusively—or even principally—on economic growth as a measure of economic policy success. Which other factors are also salient? Why?