Posted: December 19th, 2014

economic

economic

This is truly a unique time in American history, and you happen to be taking a class (Macroeconomics) that can help you get a grip on what is going on.  Notably, the government just shut down and their are talks of balking on the debt ceiling.  This is a chance to use the information you just studied and apply to the life in real-time.  Answer each questions with 1-3 paragraphs.  Do not over-think the answer but do feel free to interject you own personal, educated opinion–just be sure it is backed-up with some facts.

Q1:The last time the government shut down was in 1995.  This interruption no doubt had an impact on the economy.  Find out, in monetary terms, how much it is estimated that was lost during this time period.  Be share to state your source. Then, find out how much GDP was in all of 2012.  Using the lost revenue from the shutdown and comparing it to last year’s GDP, does the shortfall seem like alot?  Explain why or why not?

Q2.  Ireland has been in a recession along with the rest of the world.  In 2009, its GDP hit a low of $53.4 billion.  What state in the U.S. has about the same size GDP?  What are the five states in the U.S. that have the HIGHEST GDP?  What total percentage of GDP do those five states make up in the U.S.?  What are the five states in the U.S. that have the LOWEST GDP?  What total percentage of GDP do those five states make up in the U.S.?

Q3: Give five examples of countries that had hyperinflation.  Pick one country and compare it to the latest inflation rate (2012) in the U.S.  Could this ever happen in the U.S.?

Q4: Congress keeps talking about the “Debt Ceiling”.  What is it and how might it interrupt the U.S. (or even World) economy?  How could you compare the debt ceiling to your own finances?

How much is the national debt total and per person?

Q5:What is the number one issue of which Republicans and Democrats are fighting over when it comes to the shutdown and debt ceiling?  Do you think it is fair for one party or the other to hold the government “hostage” over this issue?  What would YOU do to resolve the issue?

Q6:  Here is your chance for some extra credit.  According to Mr. Villasenor, the secret to happiness in life and getting allot of dates is the same thing.  What is it?

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