What are the four phases of the business cycle? How long do business cycles last? How does it end. Why does the business cycle affect output and employment? What about inflation?
What is stagflation. Please give a real world example of stagflation. When was the last time stagflation existed in the U.S.?
List and explain the two types of inflation. Why is it important to understand both types?
Explain the Classical View of Macroeconomics? How is it different than other views on macroeconomics?
List and explain factors other than income that can affect consumption.
Please explain how changes in real interest rates affect investment. Why is this important?
