52. Original concepts for the Traditional Phillips Curve concluded falsely that: (a) a tradeoff exists between inflation and unemployment; (b) higher rates of inflation cause higher unemployment rates; (c) as wages rise, inflation falls; (d) none of the above.

53. Interest rates across the entire Treasury yield curve are determined mainly via: (a) decrees from the Treasury Department; (b) interaction of supply and demand for Treasury securities of different durations; (c) the schedule of Treasury security issuance by the Federal Reserve; (d) expectations of the unemployment rate issued by the Bureau of Labor Statistics.

50. Your Professor often says that policy-makers know that bringing inflation under control requires a recognition of L.U.V. This means that: (a) Little must be done Under democratic administrations when economies are Virtual; (b) children H.A.T.E. to eat vegetables; (c) policy actions take Long to unfold and are Lagged, they're highly Uncertain and highly Variable; (d) policy actions have Little Effect, Underwhelm market participants and diminish the Velocity of money.

49. Members of the Federal Reserve's Board of Governors are: (a) given lifetime terms, much as Supreme Court justices; (b) appointed by the President of the United States subject to confirmation by a majority of the Senate; (c) members of the President's administration and report to the Secretary of the Treasury; (d) required to have past experience in economics, banking or finance.