Assignment:
1-"GDP" Please respond to the following:
• You mention to a colleague at work that you are taking economics this quarter. After he/she tells you they are really sorry for you misery, they start saying that the economy has never recovered from the Great Recession. You say, no you understand that the economy has recovered and you can prove it. The NBER has been the official organization for determining when a recession begins and when it ends. So you visit the NBER website https://www.nber.org/cycles.html. When did the recession officially end?
• Your friend will not give up, so you decide to do a little research. What is the current level of GDP? What is the current level of personal consumption? What is the current level of Gross Private Domestic Investment? What is the current level of Net Exports? Use the graphs provided.
• What about GDP doesn't help us answer the question of why we don't feel good about the economy?
2-In the lesson presented by Sal on Oligopolies and Monopolistic Competition he creates a two dimensional grid of the market types based on number of competitors and degree of product differentiation. Make sure you view this lesson.
• Now apply the lesson and identify one monopoly from which you buy a good or service.
• Now apply the lesson and identify one oligopoly from which you buy a good or service.
• Now apply the lesson and identify one monopolistic competitor from which you buy a good or service.