Which of the following statements argues in favor of a rule-based policy rather than discretionary policy? Check all that apply. It is impossible for a policy rule to consider all the possible scenarios and specify, in advance, the right policy response. It is better to appoint qualified individuals who will respond to any situation as best they can. The time inconsistency of policy problem can be eliminated by having the central bank commit to a particular policy rule. Monetary rules reduce the flexibility of the Federal Reserve. Monetary rules may lead to a lower sacrifice ratio because the public is more confident that the Federal Reserve will keep inflation low