1. Briefly summarize the Ingredients ( determinants ) of Economic Growth.
2. What phase of the business cycle is the U.S. economy experiencing at this time (Fall, 2012)? Justify your answer.
3. describe the difference between a person's nominal income and their real income. Why is real income more important to that person?
4. What is the current (September 2012) rate of unemployment in the U.S.?
5. What has been the percentage change in the CPI over the past 12 months?( Latest report was October 2012)