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  1. Why is there unemployment even when the economy is at “full
    employment”? What are some “costs of unemployment”?
  2. Is the CPI a biased measure of the inflation rate? Explain your
    answer.
  3. Explain how some government tax revenue and spending can
    depend on the state of the economy.
  4. Explain some limitations of using GDP as an indicator of standard
    of living (be sure to do some research on your own to find any
    alternative measures).

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