Question 1
What are the two primary phases of the business cycle? What tends to happen to real GDP, unemployment, and inflation during these phases?
Question 2
How many recessions has the United States experienced since 1950? Which ones were the longest in duration? Which ones were the most severe in terms of declines in real output?
Question 3
Because the United States has an unemployment compensation program that provides income for those out of work, why should we worry about unemployment?
