Economics slide – READ INSTRUCTIONS FULLY

Activity Overview- PLEASE READ ALL AND EXTRA FUNDS WILL BE ADDED

Congratulations! You have reached the last round of interviews for a position as an economic advisor to the President of the United States.

As part of your interview, you will be creating a slide presentation that addresses how you would advise the government to respond to 3 of the following different economic scenarios. You will tell the President:

1) Which agency would be the best choice to respond to each scenario? (use the list and/or resource below to assist you!)

The Bureau of EconomicsAnalysis

The Bureau of LaborStatistics

U.S. Department of Labor

Security Council

The United Nations

International Trade Commission

The Federal Reserve

2) What action would the agency you chose take and how does that action solve the situation? Try to use terms and concepts from the module to support your answer.

Scenarios

1 GDP has been declining in the United States for the last 6 months

2 the unemployment rate has reached 8%

3 Iran has continued developing nuclear weapons and violating United Nations agreements

4 China has silenced individuals who spoke out about the Covid-19 outbreak and repressed Muslims within its borders

5 The Consumer Price Index indicates that inflation has resulted from attempts to expand the economy

6 The U.S. has experienced the largest trade deficit in the last 50 years

EXAMPLE : Inflation has increased at a rate of 4% a month. The Federal Reserve could slow the rate of inflation by using monetary policy. The FED could increase the reserve ratio for borrowing banks. This would force the banks to stop lending money to businesses. With less money being lent out, less money will be in circulation and demand for items will decrease, which in turn will lower the inflation rate.

Make sure for the 3 economic scenarios to

=identify agency

=identify action to be taken

=explain impact on business cycle or human rights