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1. Using the supply-side and demand-side formulas for the US economy, define the meaning of an output gap and why it would lead to "inflationary pressure."

2.If the recently enacted $1.9 Trillion stimulus program does cause inflation to rise above 2% this year, is it a worthwhile sacrifice to achieve higher GDP growth and lowering the unemployment rate to below 5%? Economists call this type of investigation a cost-benefit analysis. Do the costs (higher inflation) exceed the benefits (lower unemployment)? Please try to explain your personal opinion in detail regarding this cost-benefit analysis.

3.If inflation does begin to rise and stay above 2%, how will the higher interest rates the Fed will enact affect you?