The Board of Governors of the Federal Reserve serves on a larger policy-making group called the House Banking Committee

Which of the following statements about the history of inflation in the U.S. is true?

a. Inflation averaged roughly 2% from 1950-19-65, but has fallen since then. b. Inflation has averaged roughly 2% since 1950. c. Inflation averaged roughly 2% from 1950-1965, rose until the early 1980s, and has fallen slowly since. d. Inflation has gradually climbed since the 1950s.

The existence of heavy training costs would provide a rationale for

a. insider-outsider models. b. IS-LM models. c. sticky price models. d. modern efficiency wage models