(See related pages)
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1. Explain the difference between the long-run framework and short-run framework. |
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2. Summarize some relevant statistics about growth, business cycles, unemployment, and inflation. |
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3. List four phases of the business cycle. |
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4. Explain how unemployment is measured and state some microeconomic categories of unemployment. |
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5. Relate the target rate of unemployment to potential income. |
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6. Define inflation and distinguish a real concept from a nominal concept. |
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7. State two important costs of inflation. |