Balance sheet: Total Federal Reserve assets, weekly $8 trillion 7 w N 2003 '05 10 15 "20 Source: Federal Reserve via the St. Louis Fed 1. This graph fuels concern about deflation. Il. This graph captures the central bank's program of quantitative easing. Ill. This graph captures the government's growing debt.(2 points) Prior to current COVID-19 crisis, U.S. job growth was strong and continuous yet inflation was low. This is the opposite of what would predict. O the Phillips curve O the quantity theory of money O the production function O Okun's Law O the AS-AD-LRAS framework O the Taylor Rule(2 points) Please read the WSJ news alert from April 28, 2021. NEWS ALERT U.S. Economy Grew at 6.4% Annual Rate in First Quarter The U.S. economy expanded rapidly in the first quarter, extending what economists project will be a robust, consumer-led recovery from the pandemic this year. This must be a rate because otherwise it would not account for and it would be misleading. nominal; the level of interest rates real; the level of interest rates nominal; inflation real; inflation