The term ‘polarization’ of a party system refers to:

What is it called when there is a formal, established relationship between certain hierarchically organized interest groups and the state?

Out of the assets listed below, this one is the LEAST liquid.

What is the best explanation for the different location of the Phillips Curve in the late 1970’s as opposed to the 1960’s?

Using the short run Ag Supply and Ag Demand framework, when the economy in Canada is doing worse than expected we expect unemployment rates to ____________ in the USA and inflation rates to ____________.

Understand the difference between Nominal and Real GDP.   Your job is to report to the ruler of Econland how much the economy has grown in the past four years.  You want to be as accurate as possible.  You should report the change in which number?

FOR BONUS POINTS – NO ANSWER = NO BONUS POINTS Your friend just told you they signed up for Kuester’s class next summer.  What advice would you give them?  If you could give Kuester one piece of advice for improving the class what would it be?

Which of the following goods is NOT a part of GDP in the USA?

Policy makers wisely focus on trying to prevent this type of unemployment

According to our discussion in class, less developed economies have a greater ability to grow than fully developed economies and according to the Solow Growth model, we expect them to grow faster than developed economies. HOWEVER, if these countries do not have a stable government and well-defined property rights they are very unlikely to experience this type of faster growth.  This is why so many countries remain poor unfortunately!