1. List the four phases of a complete business cycle. 2. How does the Bureau of Labor Statistics measure unemployment rate? 3. Discuss the difference between frictional, structural and seasonal unemployment. Try to mention why workers lose their job under each of them. 4. Do structurally unemployed workers remain for a long period of time? 5. What is inflation and how is the rate of inflation measured? 6. Compare and contrast demand - pull inflation and cost - inflation. 7. Describe the relationship between personal consumption expenditure and disposable income. 8. What is a break-even level of income? Indicate this using graph. 9. Define the average propensity to consume (APC) and average propensity to save (APS)