Answer economic questions with 2-3 sentences.

I’m working on a Economics question and need guidance to help me study.

1. (0, 5, or 10) Is gross domestic product an accurate measure of the standard of living? Why or why not?

2. (0, 5, or 10) Look up the GDP for the first quarter of 2020 at the Bureau of Economic Analysis’s Web site ( (Links to an external site.)). Look for Table 3 in the Gross Domestic Product data files.

a) What is the value of last quarter’s nominal GDP?

b) What is the value of last quarter’s real GDP?

c) What is the base year used in calculating the real GDP?

3. (0, 5, or 10) Because the chairs of the Federal Reserve Board can have an enormous impact on policy decisions of the Fed and thereby the economy, their selection has been the subject of great political interest. Politically motivated monetary policy could be ruinous economic policy. Previous Fed chairs have understood their functional independence from congressional interference depends on the apolitical nature of their decisions. What would the economic consequences be if this balance was upset by a president who nominated a Fed chair dedicated to protecting the president’s political party?

4. (0, 5, or 10) Do you believe in the trickle-down philosophy?

5. (0, 5, or 10)

a) Do you believe the current budget deficit should be reduced?

b) If so, should it be done by raising taxes or cutting government spending?

c) Who would be negatively affected by your proposal?

6. (0, 5, or 10) Some have proposed replacing the federal income tax with a proportional or flat rate tax schedule, or to replace the income tax with a national sales tax.

a) How would these actions affect income distribution?

b) Who would benefit from these proposals?

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