Answer the following questions about the November 5 2010, Washington Post opinion "What the Fed did and why" written by the then Fed Chairman, Ben Bernanke 1A. Mr. Bernanke argues that the national unemployment rate, level of inflation and the spare capacity in the US economy in 2010 justified an expansionary monetary policy. Describe his argument using what you have learned in this course. 1 B. What do you understand by the term 'spare capacity' which is used in the article? Describe the precise relationship between spare capacity and the output gap