1. Describe why GDP can be computed using either expenditures or income approach?
2. Explain why it is possible for job vacancies and unemployment to co-exist at the same time?
3. Describe the three major goals of macroeconomics. How well has the United States economy performed in accomplishing these three goals since 1930?
4. Explain the Okun law. Discuss the effect on GDP. Use examples from the Great Recession.
5. Draw and Label the business cycle graph -peak, trough, GDP gap, economic expansion.
6. Define the four different types of inflation. Select a nation that has hyper-inflation and discuss the effect of this economic condition on the nation.
7. Why can printing money lead to high rates of inflation and hyperinflation