1. Define "macroeconomics". What does it cover??(describe a few things....)
2. What are the 3 "Economic Goals" of policy makers in macroeconomics?
3. What are the 3 indicators or measurements used by the government to determine the "macroeconomic health" of the economy?
4. Which of the above is the most important? Define the term.
5. List the top 5 countries by nominal GDP.
6. What's the difference between "nominal" GDP and "real" GDP?
7. What is the definition of a "recession"?
8. What are the 3 reasons for unemployment? Major types of unemployment.
9. What is the "natural rate" of unemployment in the US?
10. What is meant by "deflation"? Why is it an economic problem?
11. Define the "business cycle"?
12. What are the 4 components of GDP? Which is most important in the US?