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1. You read the following information about the economy:

Real GDP up three percent from a year ago.
Unemployment rate of 6.1 percent.
Consumer Price Index up six percent from a year ago.
Index of Leading Indicators up for the last six months.
Prime interest rate of ten percent, up from seven percent a year ago.

a. Explain what each of these economic indicators measures and what the significance of the current data is for the economy.

b. These indicators should paint a picture of the entire economy. Describe that picture.

2. The following headline appeared in 1986: "Inflation Rate at 1.1%; Lowest Rate in 2 Decades."

a. What is meant by inflation ?
b. How did the statisticians arrive at 1.1 percent? What measure did they probably use?
c. What does this headline imply about inflation during the 20 years before 1986?

3. True, false, or uncertain, and why?

"If you won a million dollars in the lottery, you wouldn't have the economic problem of scarcity."

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