This iconic picture so well portrays the hopelessness and destitution that were the hallmarks of the Great Depression. This economic collapse illustrated how the Nation’s GDP and its employment rate are intertwined. They are co-dependent. Please take a few minutes to watch this compelling video on conditions during the Depression:
The writing is pertaining to link: “The Great Depression” (Background) https://www.youtube.com/watch?v=TtttXC9tFPU&t=2s
With this background in mind please choose ONE of the following questions to answer in your assignment this week. Your response should be 600 words long.
1) What are the two main difficulties that arise in comparing the GDP of different countries?
2) Identify some of the reasons GDP should not be considered an effective measure of the standard of living of a country.
3) Name and explain some of the reasons why wages are likely to be “sticky downward”.
4) Is a decrease in the unemployment rate necessarily a good thing for the nation? Explain.
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