1.Unemployment and InflationTwo of the biggest issues in macroeconomics are inflation and unemployment. Policymakers would like to keep both of these measures low. Often, however, there is a tradeoff between the two. A strong economy that lowers unemployment can put upward pressure on prices. A weak economy that lowers inflation can increase unemployment.We currently have the benefit of both very low unemployment and inflation. But things could change and it’s good to have policy plans in place before either of these problems gets too bad.Imagine that you are in charge of macroeconomic policy. Answer these questions, being sure to explain your answers. What are some of the problems, difficulties, or hardships caused by unemployment?What are some of the problems, difficulties, or hardships caused by inflation?If you had to make a choice today between a policy that would head off increases in inflation or increases in unemployment, which one would you choose?2.Exploring Tax Cuts, Jobs, and Tax RevenueThere has been discussion about whether the Tax Cuts and Jobs Act that took effect in 2018 will increase tax revenue. Tax revenue can be thought of an as average tax rate multiplied by taxable income. If the average tax rate falls while taxable income stays the same, tax revenue will fall. But what if the tax cuts increase taxable income? Both of the major schools of thought in macroeconomics (Keynesians and Neoclassicals) believe that tax cuts increase economic growth. Economic growth increases taxable income. Our recent economic growth has brought unemployment down to historically low levels.Think about this. Reply to these questions to begin your discussion: Do you think that the tax cuts of the Tax Cuts and Jobs Act will increase economic growth and taxable income so much that tax revenue will increase?Or do you think that the tax cuts will reduce tax revenue? Explain your answers.3.Business StrategyOrganizations have to develop an international Human Resources Management Strategy, when they expand globally. Which do you think is more critical for international Human Resource Management: Understanding the cultural environment, orUnderstanding the political and legal environment?4.Performance Appraisal System Managers are oftentimes overwhelmed with their day-to-day activitiesand postpone important aspects of their jobs, including performanceappraisals. What is the purpose of performance appraisals within anorganization? Do you think performance appraisals are effective? Give areason for your position. What components should be included in aperformance appraisal?

Can you explain the meaning of supply in economics?