$1.$ a$.$ According to the latest release from the Bureau of Economic Analysis, what is current Real Gross Domestic Product $($RGDP$)?$ Define RGDP$.$

b$.$ List and briefly explain at least three limitations of using Real GDP per capita as a measure of economic well$-$being

$2$

a$.$ According to the latest release from the Bureau of Labor Statistics, what is the inflation rate? Define the Consumer Price Index.

b$.$ List and briefly explain three limitations that make the CPI an imperfect measure of the cost of living

c$.$ Social Security benefits are indexed to the CPI for Urban Wage Earners and Clerical Workers $($CPI$-$W$).$ Is this sound policy?

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$3.$

a$.$ According to the latest release from the Bureau of Labor Statics, what is the current unemployment rate?

b$.$ List and briefly explain three limitations of the employment$/$unemployment rate data$$for example, the media characterize the September $2024$ release by reporting that $$The labor market remains tight as total nonfarm payroll employment increased by $252,000$ in September, and the unemployment rate was $4\mathrm{.}1$ percent, the U$.$S$.$ Bureau of Labor Statistics reported today.$$

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$4.$ Using an AD$/$AS framework

a$.$ President$-$elect Trump has proposed extending and expanding import tariffs on goods from certain countries. Assuming that the tariffs on products like steel and aluminum would raise the price to produce products domestically, Show and explain what would happen to RGDP$,$ employment, the price level.

b$.$ The media has pushed the idea that the tariffs $$will cause inflation.$$ Comment on this claim, specifically explaining what leads to inflation. $($Hint: distinguish between the price level and inflation.$)$

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$5.$ Post WWII, the United States became a dominant Military and Economic force. It is also well$-$known to investors to have low so$-$called country risk. Suppose a crisis of significant proportions happens somewhere in the world that results in uncertainty or fear. Using the open$-$economy macro model $($loanable funds and foreign currency markets$)$ trace through the effect of a $$flight to certainty$$ in the US$.$ Specifically, address what would happen to US interest rates, saving, Investment, Net Capital Outflow, the exchange rate, and Net Exports.