1. Since 2011 the US economy has been in the “expansion” phase of the business cycle, but annual GDP growth has averaged well below the US 3-5% norm. Some economics contend that this slow growth is the product of poor monetary policy. Do you agree? If yes, explain what the Federal has done wrong since 2011. If no, explain what the Federal has done right since 2011 and why the economy has been growing so slowly. 2. In establishing in monetary policy priorities, the federal Reserve always has to take into account (1) the economic and social costs of inflation and (2) the economic and social costs of unemployment. What are these economic and social costs? Explain.