Please write in question answer formFor each event, describe the “Great Depression”, and the “GreatRecession”; compare and contrast the following:—What was the size of the Unemployment problem, both the officialnumber and the actual number? What is the cause of the differencebetween the two?—What happened to the Price Levels in each case?—What was the size of the negative output gap in each? What werethe economic costs of the losses?—How long did each period last? How long did recovery take?—Describe the3 major causes of each decline: ex; subprimemortgage lending or stock market collapse, etc. There are a numberto be considered for each.—Describe major policy maneuvers by the FED, and the Congress,undertaken to alleviate the crisis. Did they work? If not, why not?—What safeguards have been implemented to prevent any repeats?—What were the costs to taxpayers for policies undertaken? Werethe benefits generated sufficient?—In your opinion, will we see another depression? Anotherrecession like this? Why or why not?
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