Economic Essay

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INSTRUCTIONS: PLEASE ANSWER THE QUESTIONS ONLY .. 130 to 150 words per question.
1. Economic growth, as measured by increases in real GDP per capita, is a goal for most countries. Often, this is interpreted as an increase in economic welfare for the citizens of the economy. How would you evaluate this assertion? If you discover reasons why it is not true, why is it a nearly universally recognized goal? Are there better methods for measuring economic welfare? How would you measure it?

2. Recessions seem to show up every so often and create economic hardship. You might think that policy-makers could tame the business cycle and implement policies that would end recessions. Are recessions a necessary fact of macroeconomic life? If not, what would it take to eliminate them? If they are unavoidable, what types of business can benefit from them?

3. Inflation is the general increase in prices with some prices rising faster than average and even some prices falling. Inflation attracts a great deal of attention among policy makers and some of the remedies for it can have serious consequences in production and employment. Why would you, as a business manager, care whether annual inflation is 2% or 20%?

4. Successful managers plan for the right number of employees to staff their organization. Managers do not want to have too many employees for their business, nor do they want to have to compete for employees in an overheated labor market. In the Big Drive Auto scenario (or based on your own organization) what macroeconomic data can employers monitor to help them plan for the right number of employees? What risks to their costs do they run if they find themselves overstaffed? What recourse do they have in a tight labor market?

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