Essay questions: Choose 2 of the 3 essay questions below to…
Essay questions: Choose 2 of the 3 essay questions below to answer. Each question will be worth 30 points. Question 1. Where is the current American economy? (Use data from the Dr Howard’s Lecture Where Are We?). I expect a paragraph minimum for each question. In your opinion, what are the four most important charts or graphs in that Lecture? Explain. Give examples of how each is affecting you, your family, or others lives. Is there a problem facing society that Dr Howard left off the list? Explain —————————————————————————————————— Question 2. If the United States is entering a serious recession, answer the following questions in 3-4 sentences: What would be appropriate fiscal policy actions? What would be appropriate monetary policy options? Which one would likely be more effective? Why? What are some potential negative results of each? Explain. ———————————————————————————————————————- Question 3: Gross Domestic Product (GDP) is calculated using four major components: consumption, investment, government spending, and net exports.Explain each of the four components in a separate paragraph, but do so under the following constraints: (4 paragraphs total) For each paragraph, you must: Describe the component in your own words (do not quote the textbook or lecture slides). For example, what kinds of spending is included (give examples), what are the important characteristics of that component, where does that component get the money to pay for its spending, etc. Provide one concrete example drawn from your own life or immediate surroundings within the last 12 months (for example: a purchase you personally made, a construction project you observed, a government service you directly used, or a good or service you know was imported or exported). Explicitly explain why your example does count toward GDP and why a closely related alternative example would not count, referencing an exclusion discussed in class (such as used goods, transfer payments, financial transactions, or intermediate goods). Do not use bullet points or headings; write in full paragraphs with clear economic reasoning.