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Macroeconomics Chapter 1 What are the three central macroeconomic concepts? How are the natural real GDP and the natural unemployment rates related to each other and to the rate of inflation? What are the main concerns of short-run versus long-run macro economic policy? What is meant by the real GDP gap? How does business cycle instability affect the success of the economy? What are the tasks of stabilization policy? What are the instruments of stabilization policy? How has “internationalization” affected domestic stabilization policy? Chapter 2 What is the difference between stock and a flow? What transactions are included in GDP? How does GDP differ from GNP? What are the major drawbacks in using GDP to measure social welfare? What are the principal “injections” into and “leakages” from the circular flow of income? How does the public budget (public “saving” or “dissaving”) affect the private economy? How is nominal GDP split between inflation and real GDP? How is unemployment measured? What are the flaws in this measurement? How is the unemployment rate related to the current real output to natural real output ratio?
