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Prepare short written responses for the following five (5) questions. Answers for each question must not exceed 250 words.Question 1 (5 marks)Explain why real GDP might be an unreliable indicator of the standard of living.Question 2 (5 marks)Why does unemployment arise and what makes some unemployment unavoidable?Question 3 (5 marks)Consider the following statement: ‘When the average level of prices of goods and services rises, inflation rises’? Do you agree or disagree? Explain.Question 4 (5 marks)What is the aggregate demand (AD) curve and why does it slope downwards? Explain.Question 5 (5 marks)What is the long run aggregate supply (LRAS) curve and why is it vertical? Why does the short run aggregate supply curve slope upwards?
