1. According to your readings, and from what you have learned in Module 5, how could war
stimulate the economy? Explain in detail, making sure to mention the impact government
purchases have on Gross Domestic Product (GDP). Also, make sure you make mention of
how government purchases affect the private sector. Finally, describe how government
purchases, in your opinion, have helped to stimulate or hinder the U.S. economy. You must
provide sound economic analysis in your answer.
2. Do you think the government, using both fiscal policy and monetary policy, faces any trade-
offs in trying to control for inflation vs. unemployment. What do you believe is more of a
problem towards long-term economic growth: persistent inflation or unemployment? Make
sure to use your readings and what you learned in the modules to justify your arguments.
3. According to your readings, it will always make economic sense for you to start a business if
your business can make economic profit. How does economic profit differ from accounting
profit? Have you ever considered starting a business? If you were to start your own
business someday, describe the revenues and costs you would consider (make sure you
are describing economic profit in your analysis).
Suppose you wanted to open a new business in your hometown. Based on what you
learned about the different market structures:
a. Describe your business (the product or service, the ideal size of your firm, the
requirements needed to enter this market, etc.).
b. Describe the market you would operate in, making sure to detail the characteristics
of the market structure and also the opportunities and challenges you might face.
As noted in the video Stalag 17 and in your readings, many things have been used as
money over time: cigarettes, gold, paper currency (like the U.S. dollar), etc. Describe the
functions of money and consider the U.S. dollar as an example. Although the U.S. dollar has
little or no intrinsic value, why do people want it so much? Can you think of other examples
of things that act as “money” in our society?
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