1) Explore the BEA website. Using the latest GDP data release from this government agency, write a paragraph that sums up how GDP changed in the first quarter of the year-- overall but also in terms of its components (C,I,G,NX).
2) According to Jerome Powell, support from the government will be crucial in preventing a depression-like economic downturn. Why?
3) What are explanations for the varying magnitudes of changes in different retail categories in the graph "Retail Store Sale by Category?"
4) Think back to our discussion about why GDP is not always an accurate measure of economic progress and well-being? What kinds of changes in individual and household activity during the pandemic would we want the "ideal" GDP measure to capture?
