1. 47) Compare nominal and real wages, which is true?

2. How have economists traditionally defined "economic growth," and how is that different from "living standards growth"?

3. 49) Please write "aggregate supply" and "aggregate demand" next to the correct definition

4. 50) What happens when you increase the supply of money in a country?

5. Problems with GDP as a measure of wellbeing

6. What is included in a measure of unemployment %?

7. How many quarters of negative economic growth (% fall in GDP) are needed to constitute an official 'recession'?

8. The following are the values for Consumption, Investment, Imports, Exports, and Government spending for the country of Strowsburg in the year 2020 given in billions of dollars: C = $12,000 I = $4,000 G = $3,000 M = $5,000 X = $3,000. Use the following formula: The GDP in billions in Strowsburg is?

9. 54) Biggest assumption of a free market economy?

10. If I invest $100 at 5% interest per year, in which year will I have doubled my investment according to the simple compound interest formula A = P (1 + r/n)(nt) ? Where:

11. Explain the division of labor.

12. How many quarters of negative economic growth (% fall in GDP) are needed to constitute an official 'recession'?