I need these 5 questions answered using ONLY the sources provided. The last que

I need these 5 questions answered using ONLY the sources provided. The last question is a personal perspective of what I’ve learned in the class, so no source is needed.
Econ 205/SCSS 303 – Survey of Economics, Final Exam
1. Gross Domestic Product (GDP) is a measure of the market value of all final goods and
services produced within a country during a given period of time (for example, during a
year). There are two ways of measuring or calculating GDP: the expenditure approach
and the income approach. Explain what are the components of each, and why it is that
the two sides conceptually should balance? Discuss some of the everyday economic
activity that does not get included in GDP. How does this effect the impression of the
actual size of GDP?
2. The Consumer Price Index (CPI) is an attempt to measure and track through time
changes in the cost-of-living, and through this an estimate of price inflation (or
deflation) over a period of time. What is a CPI “basket” of goods, and what does it mean
to “weight” the items in the basket? If in the year 2025, such a basket of goods cost, say,
$450, and then in the year 2026 that same basket was to cost $500, by what percentage
will have the cost-of-living increased? Explain some of the limits and difficulties in
measuring such changes in the cost-of-living over time.
3. The United States Federal Reserve is the country’s central bank. What are the primary
duties and responsibilities of the Federal Reserve in terms of the banking system in the
country and the money supply? The Federal Reserve has three primary policy tools – the
reserve requirement, the discount window, and open market operations – through
which to influence the supply of money in the economy and certain interest rates in the
financial markets. Explain each of these policy tools, and how changes in them can
influence the amount of money in the banking system as a whole. What is meant by the
“money multiplier” in this context?
4. The United States has been said by some economists to be a “democracy in deficit,” by
which is meant the persistent and large annual budget deficits by the U.S. government
year-after-year. What is happening in the political process that results in this problem of
the resulting growth in the national debt? What is the link between a government
budget deficit and any resulting price inflation. (Hint: Remember how this was explained
in class and in Power-Point 9.)
5. After having taken this course on a Survey of Economics, what did you learn that you
had not known or thought about before taking the class? And what left the strongest
impression on you in terms of the importance of some of this knowledge?

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