Question: How to solve these question? QUESTION 1 (a) When reliable GDP data is not available, explain how the market for durable goods provide a reasonable

How to solve these question?

QUESTION 1 (a) When reliable GDP data is not available, explain how the market for durable goods provide a reasonable estimate of the state of the economy. (10 marks) (b) Discuss why GDP (and GDP per capita) is not a good measure of wellbeing. (15 marks) (25 marks) QUESTION 2 (a) Explain why high inflation rate and recession do not normally happen at the same time. (10 marks) (b) Explain why, as output and income levels fall during a recession, the government would persuade workers to accept even lower wages. (15 marks) (25 marks)

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