Refer to the Following Figure When Answering the Following Questions

question 61

Multiple Choice

Refer to the following figure when answering the following questions.
Figure 12.11: Change in Inflation by Month
-Consider Figure 12.11. You are Federal Reserve chairman Volcker and today's date is mid-1977. You suggest the appropriate policy would be to ________. You reevaluate your policy in mid-1979 and conclude that you ________; using the Phillips curve, you see the country is now in ________.

• A) lower taxes; failed to tame inflation; debt
• B) lower interest rates; failed at taming inflation; a recession
• C) raise interest rates; failed at taming inflation; expansion
• D) raise interest rates; succeeded in taming inflation; a recession
• E) raise taxes; succeeded in taming inflation; debt

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