In the short run, how does Fed open market purchases affect interest rates?

In the 1970s a typical college student's consumption might be represented by the following items: a small used car, black and white television set, macaroni and cheese and generic brand beer

As many of these students graduated from college what do you expect happened to the composition and quantity of the goods mentioned? Explain.

The Services sector has been steadily rising in relative importance in GDP of the United States, as well as elsewhere around the world. Since "services" have been identified as "non-tradable"

(e.g., it is difficult to export haircuts), it may be argued that this trend will likely slow the rapid growth in international trade. Discuss.