1. Discuss the Aggregate Demand-Based (Keynesian) explanations. In your discussion of the Aggregate Demand Based explanations, be sure to discuss and quantify (if discussed in class) the changes in all components of GDP.
2. What was the objective of the National Industrial Recovery Act (NIRA)? Describe the initiatives contained in the NIRA and discuss how these initiatives were supposed to achieve this objective. Were these objectives achieved? Provide evidence.
3. In class we discussed Robert Higgs' analysis "Wartime Prosperity?" Explain his analysis that that the low unemployment rate did not increase American's well-being. Explain his analysis that the increases in conventionally measured GNP was not an indicator of prosperity. What are his arguments with respect to the claim that consumption increased? What is his conclusion about why people generally believe that WWII was the end of the return of prosperity?