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Explain in your own words the difference between a gdp

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1) Another student tells you their grandpa said, "Back in my day, everything was less expensive. A can of Coke used to be 1 penny, now we pay that in tax." How would you respond to this with your knowledge after the reading?

2. Explain in your own words the difference between a GDP per capita of $2,000 compared to $40,000.

3. How does confidence (or lack thereof) play a role in the economy?

4. Explain the recession of 2007/08 . What happened?

5. What is the author's opinion on the American Recovery and Reinvestment Act, or "Obama's stimulus"?

6. List the "vital signs" for an economy and describe why each pertains to recession and recovery.

Reference no: EM132249758

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