Question 1. Assuming that time preferences of households decrease ( being more patient)

would equilibrium interest rate increase or decrease?

would equilibrium quantity of loans increase or decrease?

Question 2. When the economy is in recession, would the actual unemployment rate be above or below the natural rate of unemployment?

would the actual GDP be above or below the full-employment output?

Question 3. your income in 2004 was $67,000 and your in 2020 was $79,000. The price index in 2004 was 110.8, and in 2020 it was 130. Convert your 2004 income in 2020's dollars. Round your answer to the nearest dollar.

Question 4. Your income in 2004 was $67,000 and your income in 2020 was $79,000. The price index in 2004 was 110.8 and in 2020 it was 130. is your real income in 2020 higher than the real income in 2004?

Question 5. Nominal gross domestic product (GDP) increased from $15 trillion to $17 trillion and the price level increased from 120 to 122. Rounding to the nearest first decimal place, calculate the growth rate of your real GDP.