A. W. Phillips' findings were based on data
a. from 1861-1957 for the United Kingdom.
b. from 1861-1957 for the United States.
c. mostly from the post-World War II period in the United Kingdom.
d. mostly from the post-World War II period in the United States.
a
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Suppose that the economy is producing below potential GDP and the Fed implements the correct change in monetary policy, but not until after the economy has passed the trough of the recession. Then
A) the Fed's contractionary policy will result in too large of a decrease in GDP. B) the Fed's expansionary policy will result in too large of an increase in GDP. C) the Fed's expansionary policy will result in too small of a decrease in GDP. D) the Fed's contractionary policy will result in too small of a decrease in GDP.
Which of the following sectors in the economy accounted for about 70% of the spending in the U.S. during 2009?
a. The government b. Firms c. The foreign sector d. Investors e. Households