Question: 1. Explain why macroeconomic models need microeconomic foundations. 2. What is the primary defining feature of business cycles? 3. Name three important features of the

1. Explain why macroeconomic models need microeconomic foundations. 2. What is the primary defining feature of business cycles? 3. Name three important features of the deviations from trend in macroeconomic time series. 4. Why are the comovements in aggregate economic variables important? 5. Describe the key business cycle regularities in consumption and investment expenditures. 6. What is the Phillips Curve? Explain the breakdown of the original Phillips Curve. 7. Explain how the degree of inflation may affect the Phillips curve

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