Economics Question: Describe the concept of "stagflation" and the challenges it poses to macroeconomic policy. A$)$ Stagflation refers to a situation of high economic growth and low inflation, posing no challenges to macroeconomic policy. B$)$ Stagflation is characterized by high inflation and high unemployment, creating a policy dilemma for policymakers. C$)$ Stagflation is a term for economic stagnation without inflation or unemployment issues. D$)$ Stagflation is a situation where both inflation and unemployment are extremely low, simplifying macroeconomic policy decisions.

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