Reference no: EM132476868

1. How do statisticians and economists measure GDP? Specifically, what is the formula used? Define the component parts of the equation and discuss what shortcomings may exist in the measurement of GDP, in your opinion.
2. Opinion based discussion: Please maintain a professional environment of discussion, regardless of whether you agree or do not agree with what your peers share.
3. A general orientation toward markets doesn't rule out some important roles for government in aiding a country's economic growth. List and discuss at least three significant contributions a government can make toward a country's economic growth
4. For a number of reasons, economists believe that the natural rate of unemployment in the U.S. economy declined from the 1980s to the 1990s and early 2000s. Provide at least two different reasons for this phenomenon and discuss each.
5. Russia experienced inflation of 2500% per year in the early 1990s. Identify the term used to describe this extreme level of inflation rate and briefly discuss the contributing economic factors that caused this situation to arise. I encourage you to find external sources (such as articles, videos, etc.) to discuss this topic
6. Briefly discuss what consumer and business confidence in the economy typically reflects and provide examples. Contrast the effects of high consumer and business confidence with low levels of the same. Briefly explain how a rise in confidence will be reflected in the aggregate supply-aggregate demand model.
7. Identify and briefly describe the main ideas Keynesian economics is based on. Identify and briefly explain the neoclassical argument and the key building blocks of neoclassical approach. Compare and contrast the two approaches using an example of your own (or find an example from the web, and cite your source).
8. Identify and discuss the three specific functions of money that economists have identified.