1. Briefly describe 5 things that a firm could do that would reduce the price sensitivity of buyers 2. Briefly explain five reasons why firms may choose prices that are below their profit-maximizingprice 3. List 5 things that could increase demand and 5 things that could increase supply for a typical(normal) good (hint: be specific on the direction of change for each event) 4. Describe 5 consumer decision biases 5. Describe 5 costs from international trade 6. Briefly describe 2 or 3 things that could shift labor demand and 2 or 3 things that could shift laborsupply 7. Explain the implications from the short-run and long-run Phillips curve 8. Briefly describe 5 things that could cause the US dollar to appreciate in value 9. List 5 things that could decrease aggregate demand and 5 things that could decrease the short-runaggregate supply for an economy (hint: be specific on the direction of change for each event) 10. Describe the fiscal and monetary options that could be used to reduce the inflation rate 11. Explain five options a government could use to increase positive externalities or decrease negativeexternalities 12. Explain why trade, currency valuations, and the balance of payments are important forunderstanding macroeconomic trends