The figure above shows that in 1996, unemployment was equal to about ________ and the inflation rate was equal to about ________

Actions by the Federal Reserve to influence the level of GDP are known as

A) cyclical policy. B) monetary policy. C) procyclical policy. D) fiscal policy.

Which of the following is accurate regarding government expenditures in the United States?

a. The federal government spends considerably more than state and local governments combined. b. The federal government spends more than local governments but less than state governments. c. Local governments spend more than state governments, which in turn, spend more than the federal government. d. Since 1930, total government expenditures as a share of GDP have declined.