• 1) While over the long run, the U.S. economy grows about 2 to 3% per year on average, over the shorter term, the economy goes through business cycles. Think about the growth rate of GDP, the inflation rate, and the unemployment rate over the last 12 quarters before the pandemic. Once you’ve looked at the data, can you draw conclusions about the state of the economy? Would you describe the economy as booming, recovering, or in recession during the last few years? Why? Use the AD-AS model to illustrate this graphically. Which curve do you think caused the change? Explain your reasoning.
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• 2) How would you account for the fact that the United States and Canada experienced so much faster rates of economic growth in the nineteenth and twentieth centuries than did the countries of Latin America? Please describe your opinion in no less than 200 words