In 1981, the Fed
A) publicly announced an inflation reduction policy and created a recession.
B) took no action so that the inflation rate skyrocketed.
C) created an unexpected inflation reduction policy and created a recession.
D) created an unexpected inflation reduction policy and created an expansion.
E) publicly announced an inflation reduction policy and created an expansion.
The figure above shows some Phillips curves for an economy.
Question 2
Kyle and Stan are playing Odds or Evens, where Kyle is designated as the odd player and Stan is designated as the even player. They decide to play the game 10 times. At the mixed-strategy equilibrium in this zero-sum game,
A) each player's expected payoff equals zero.
B) one player earns all possible points and the other player earns zero points.
C) one player's payoff is positive and the other player's payoff is negative.
D) There is never an equilibrium in a zero-sum game.
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