1. Monetary policy actions by the Fed are:
a. More effective in a restrictive direction than they are in an expansionary direction
b. More effective in an expansionary direction than they are in a restrictive direction
c. Equally effective in both expansionary and restrictive directions
d. Only effective when coupled with fiscal policy actions
2. The expenditures or output approach to GDP measures it by summing up:
a. Compensation of employees, rents, interest, dividends, undistributed corporate profits, proprietors' income, indirect business taxes paid, consumption of fixed capital, and net foreign factor income earned in the United States
b. Compensation of employees, rents, interest, dividends, corporate profits, proprietors' income, and indirect business taxes, and subtracting the consumption of fixed capital
c. The total spending for consumption, investment, net exports, and government purchases
d. The total spending for consumption and government purchases, but subtracting public and private transfer payments.