During World War II, _______ percent of the United States' output was devoted to the war effort.

Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits

A) positive slopes in both nations. B) shifts that occur every five years or so. C) a great deal of shifting. D) stability with shifts occurring only when there is an internal change of government. E) stability with shifts occurring only when external forces are strong.

Fiscal policy designed to moderate the severity of a business cycle is known as

a. acceleration b. maintenance c. procyclical d. countercyclical e. discretionary