1. Regarding the structure of the nation's central bank - the Federal Reserve. Its primary policy-making body is the Federal Open Market Committee or the FOMC. Describe the make-up of the FOMC's members, who are also the voting members when monetary policy decisions are made.

2. When the economy is said to be fully employed, which type of unemployment no longer exists anymore?

3. Which type of inflation is a result of the shifting of the AD curve?

4. Which one of the two inflation would usually result in a stagflation?

5. Under what scenario would the government officially confirm that the economy is in a "recession?"

6. What are the four phases of an economy's business cycle?

7. What should fiscal policymakers do to slow the economy down?

8. What are the four types of limited resources?