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Unformatted text preview: Briefly explain your examples. 6. What is meant by the term economic growth? Explain the benefits and costs of economic growth. 7. Briefly explain why unemployment is a problem to a country and to the unemployed individual. 8. Explain how you would calculate a nations unemployment rate and the labour force participation rate. 9. Explain two sources of bias in the CPI. 10. Show on diagrams, long-run macroeconomic equilibrium, and two short-run macroeconomic equilibriums. In a separate diagram show the corresponding points on a business cycle. 11. What is fiscal policy and what is its purpose? Give examples of expansionary and contractionary fiscal policies. 12. Who implements monetary policy? What action would constitute contractionary monetary policy? 1...
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This note was uploaded on 01/17/2012 for the course BUSINESS BU2005 taught by Professor Smith during the Three '10 term at Bond College.
- Three '10