2. In the midst of a deep recession, the president of the United States calls on the nation’s consumers to “spend their way” out of the slump. What does the president mean?
3. Assume that the nation has just reached the bottom of a long recession. Summarize the probable effect of the recession upon: (a) prices, (b) wages, (c) employment, (d ) investment, and (e) profits.
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2.)"Spend their way" this is to put in more effort than one is able to so as to move an extra mile
3.)effects of recession on:
a.)prices:the cost of items normally/most probably would be so high and the quantity small.
b.)wages:low in that one cannot sustain themselves from the pay
c.)employment:loss of jobs due to some companies closing down as a result of increased losses
d.)investment:investors shy away from investing as the profits and risks of gaining losses are high
e.)profits:profits incurred are very minimal while the losses are so high
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