Question 1) Choose ONE (or more) case to answer from the list below. Explain your answer.

1) Choose ONE (or more) case to answer from the list below. Explain your answer.

2) Discuss the most recent stage of the U.S. business cycle. Explain why is the

instability of the business cycle a problem?

a. During recessions there is high unemployment, and resources are underutilized.

b. High unemployment is associated with individual and social stress, such as suicide,

domestic violence, illness and crime.

c. During booms, high inflation can erode purchasing power, savings and pensions.

d. Unpredictable fluctuations in rates of inflation, interest rates, and foreign exchange

rates make it difficult for individuals and organizations to plan for the future.

e. All of the above

2. 1) Choose ONE (or more) case to answer. Explain your answer.

Which of the following are included in this year’s GDP? Choose ONE case to answer. Explain your answer.

a. Interest on an AT&T corporate bond.

b. Social security payments received by a retired factory worker.

c. The unpaid services of a family member in painting the family home.

d. The income of a dentist.

e. The money received by Smith when she sells her economics textbook to a book buyer.

f. The monthly allowance a college student receives from home.

g. Rent received on a two?bedroom apartment.

h. The money received by Josh when he resells his current-year-model Honda automobile to Kim.

i. The publication of a college textbook.

j. A 2?hour decrease in the length of the workweek.

k. The purchase of an AT&T corporate bond.

l. A $2 billion increase in business inventories.

m. The purchase of 100 shares of GM common stock.

n. The purchase of an insurance policy.

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