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Lesson 2)1. Briefly explain the resources used as inputs to produce output, and provide an exampleof each resource.2. Watch the following news video(https://www.youtube.com/watch?v=j9OtQv5eH4w) This video clip examines supply and demand of oil. Please discuss the impacts that oil priceshave on the economy . What happens when to oil prices when the economy slows versus whenit is growing? 3. Consider products that you use in your everyday life. Provide an explanation and at least oneexample of a normal good, an inferior good, substitutes, and complements.4. Explain why an increase in quantity supplied is not the same as an increase in supply. Which ofthese would be associated with a rightward shift in the supply curve? What non-pricedeterminants could lead to a shift in the supply curve? Which would be associated with amovement up the supply curve? What non-price determinants could shift that supply curve?5. Consider the following scenario and state the expected change in the supply or demand curve.You should note whether the scenario indicates a shift of the curve or movement along thecurve. Scenario: You are a supplier of widgets. The technology that is available to produce your productsuddenly improves.Lesson 4)1. What is unemployment, and what is the unemployment rate? How is the labor forceparticipation rate calculated? What are the costs of unemployment?2. How are inflation and the purchasing power of money related?3. Explain the concept of the circular flow.4. Explain what GDP is (be sure to include a description of the components) and how it ismeasured, and utilize the different approaches. Why are countries interested in measuring theirGDP?5. Consider the following scenario and determine whether it would be included in GDP, thecategory that it would affect, and the net change in GDP: You are a manufacturer, and youproduce 1,000 units of a good and store it in your warehouse as inventory. Lesson 6 Lesson 10 1. What shape did the short­run aggregate supply curve have during the 1930s, according toKeynes? Explain. (5 points)2. What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?3. What are the macroeconomic consequences of a budget deficit when the economy is operating at full employment? Be sure to discuss the effects in the short run and long run.4. Suppose that the Fed purchases \$1 million in bonds in the open market. Explain how the money supply can increase by more than \$1 million.5. What happens to the price of bonds when the Fed sells bonds? What happens to the interest rate? What happens to the money supply .

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