1. When comparing the GDP of different countries, two issues immediately arise - currency and population differences. How does one account for these while comparing the GDP for different countries? Provide examples and explain your answer.
2. What is the "natural rate of unemployment"? Provide examples and explain your answer.
3. What is the difference between inflation and a price increase in a particular market? Provide examples and explain your answer.
4. Which of the following are included in GDP, and which are not? Write in paragraph form. Provide examples and explain your answer.

a. The rise in life expectancy over time

b. Child care provided by a licensed day care center

c. Child care provided by a grandmother

d. The sale of a used car

e. The sale of a new car

f. The iron that goes into the steel that goes into a refrigerator bought by a consumer.

5. Define "implicit contracts" in employment and explain their real significance to both employer and employee.