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A spike in the unemployment ratelong dash—the biggest in more than two decadeslong dash—raised new concerns that the economy is heading into a recession. The U.S. unemployment rate soared to​ 5.5% in May from​ 5% in Aprillong dash—much higher than forecasted. The surge marked the biggest​ one-month jump in unemployment since February​ 1986, and the​ 5.5% rate is the highest seen since October 2004.​Source: CNN, June​ 6, 2008How does the unemployment rate in May compare to the estimated natural unemployment​ rate?What does this imply about the relationship between real GDP and potential GDP at this​ time?The unemployment rate in May 2008 is​ _______ the estimated natural unemployment rate.This implies that real GDP is​ _______ potential GDP at this time.

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The time-inconsistency problem in monetary policy can occur when the central bank conducts policyA) using a nominal anchor.B) using a strict and inflexible rule.C) on a discretionary, day-by-day basis.D) using a flexible, discretionary rule.
If the central bank pursues a monetary policy that is more expansionary than what firms and people expect, then the central bank must be trying toA) boost output in the short run.B) constrain output in the short run.C) constrain prices.D) boost prices in the short run.
The ________ problem of discretionary policy arises because economic behavior is influenced by what firms and people expect the monetary authorities to do in the future.A) moral hazardB) time-inconsistencyC) nominal-anchorD) rational-expectation

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