ECN 211 Lesson 4 short answer questions. the assignment requires to write 2-3 paragraphs for each of the five questions. Be sure to carefully read each question to ensure that each component is answered with the appropriate depth and detail.

1- Provide a brief explanation of each of the components of gross domestic product: consumption expenditures, gross private domestic investment, government expenditure, and exports.

2- What type of unemployment (cyclical, frictional, or structural) applies to each of the following cases? Explain your answers.

a- Landscapers laid off in response to a drop in new housing construction during a recession.

b- Coal miners were laid off due to EPA regulations that shut down coal-fired power.

c- A financial analyst who quits their job in Chicago and is pursuing similar work in Arizona.

d- Factory workers in the United States were laid off as the plants shut down and moved to Mexico and Ireland.

3. Measuring Price Levels with a Fixed basket of goods will always have two problems, substitution bias and quality/new goods bias. Explain this statement.

4. What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms? How do you convert a series of nominal economic data over time to real terms?

5. Watch the following video: Here's What Caused the Great Recession \ History. Answer the following Questions:

. When was the Great Recession?

. What caused the Great Recession?

. How many Americans lost their jobs, how many homes were foreclosed, and how many businesses closed due to the Great Recession?