1: Explain why excessive inflation from a rapid increase in the money supply can be potentially more economically devastating than a severe recession.
2: Explain, in your opinion, why the U.S. economy is the largest and most prosperous in the world, and has sustained that position for over a half-century.
3: Explain why you think China may or may not overtake the U.S. as the strongest economy in the world, within the next 20 years.
4: In your own words, explain what you believe to be the principal causes of the Great Depression in the United States, and what were the major events that caused us to emerge from that period of severe economic contraction. (In addition, please explain why a “depression” is not truly an economic term, and what the difference is between a recession and a depression. HINT: Are they the same thing?)
