Short Answers 12) There are Americans who believe that China's economy is just about to pass the United States. Using GDP to make your argument; how would you respond? 13) What are the two goals of Macro Economics and what are the four stages of the Business Cycle? 14) What is the difference between GDP and GNP? What is the formula for GDP and which component is the largest? What is the difference between Nominal GDP and Real GDP? 15) Draw the market model below. Label it correctly showing a price ceiling, price floor, shortage, surplus, consumer surplus, and producer surplus.? Include definitions of each! Then define welfare economics and deadweight loss. Graph: Definitions: 16) Compare and contrast the economics of Adam Smith and Karl Marx. What were their positions on labor? Name some of their writings. Name a few countries that seemed to align with each on how to an economy. How did Thomas Hobbs and John Locke thoughts play into this period