21.In an essay of at least two well-developed paragraphs, discuss real and nominal GDP. Point out how they are alike and how they differ. Also, explain the problem with using nominal GDP to measure the growth of the economy.22.In an essay of at least two well-developed paragraphs, describe the types of information economists use to forecast the business cycle and how they use this information to make predictions about the business cycle.23.Describe two types of unemployment and provide an original example of each.24.In an essay of at least three well-developed paragraphs, define Gross Domestic Product and explain the two methods used to measure it. Provide original examples that represent both methods.25.In an essay of at least three well-developed paragraphs, describe the four phases of the business cycle, and describe three situations that can happen during a contraction in the economy.26.In an essay of at least two well-developed paragraphs, explain how the government calculates the unemployment rate. Give an original example to aid your explanation.27.In an essay of at least two well-developed paragraphs, define the term inflation and explain how it is used as a measure of economic performance. Use an original example that shows how prices might rise over time to aid your explanation.
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