1. Should the government use price floors to set a minimum wage? Should it use price ceilings to set a maximum CEO wage?

When answering this question, consider the following:

• Should the minimum wage be set at a "living wage" level, covering basic needs and a decent standard of living?
• What are the costs and benefits of implementing a minimum wage or living wage policy?
• How does a minimum wage affect the demand for labor? How does it affect the supply of labor? (think about the supply and demand equilibrium model).
• How will a living wage affect the overall demand in the economy? (Think about the circular flow model.) Dickinson, T. (2014, February 27). The Minimum-Wage War.Accessible document (do not distribute)
• Can you find some sources to support your position?
• Should a CEO or executive of a company have their wage tied to that of the lowest workers' wage? Sutter, J. D. (2013, November 21). Opinion: U.S. should copy Switzerland and consider a 'maximum wage'. Accessible document(do not distribute)

1. Describe the current state of the U.S. economy by analyzing major macroeconomic indicators such as GDP growth, inflation, and employment. Use primary data sources and provide citations for your data. Determine the stage of the business cycle that the economy is currently in, supporting your opinion with the gathered data. Assess areas of strength within the economy and identify areas that require improvement. Furthermore, critically evaluate the adequacy of using GDP to measure overall well-being. Is GDP an accurate measure of well-being? Discuss its limitations and consider alternative measures that could provide a more comprehensive assessment of societal welfare. Similarly, analyze the accuracy of the unemployment rate as an indicator of the labor market's state: Is the unemployment rate an accurate measure of the state of the labor market? Identify other relevant indicators contributing to a more holistic evaluation of the economy's condition.
2. Is inflation still a possible threat? What could cause a rise in inflation? Is higher inflation desired? Suggest some possible scenarios. Can disinflation or deflation occur without a recession? Who would gain and lose if disinflation occurred? Can disinflation be beneficial? Will deflation worsen a recession or shorten it? Will a high unemployment rate cause deflation?
3. Will climate change affect long-run economic growth in the U.S.? How is sustainable long-run economic growth affected by the scarcity of natural resources and environmental degradation? Will climate change affect long-run economic growth in other countries and regions of the world that the U.S. trades with?