Which of the following transfer payments is included in GDP?

Which of the following statements is true of the U.S. economy before 1800?

A) The U.S. economy was growing at an average rate of more than 6% per annum. B) There were no major achievements in arts. C) Sustained economic growth was rare or absent in the U.S. economy. D) There were no major achievements in science and technology.

One reason that the Phillips curve "broke down" is that it

a. is unable to explain short-run movements in inflation and unemployment, but does a better job of explaining long-run movements. b. assumes a quick-acting self-correcting mechanism, and the economy has a very slow self-correcting mechanism. c. is a statistical relationship, and some of the points are not sustainable in the long run. d. cannot explain demand-side inflation, and it collapsed when demand-side inflation was predominant in the 1970s.