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- In a monetary economy with flexible prices, a temporary contraction of the quantity of money will cause Select one: O a. An increase in the nominal interest rate O b. O c. A proportional fall in the price level More inflation in the future, unless it is accompanied by fiscal adjustment O d. two of the otherWhich of the following shifts in aggregate demand and short-run aggregate supply would cause an unambiguous increase in inflation? Select one: O a. A decrease in AD and an increase in SRAS O b. No change in AD and an increase in SRAS O c. An increase in AD and an increase in SRAS d. An increase in AD and a decrease in SRAS O e. A decrease in AD and a decrease in SRASIf Aggregate Demand is at AD2, production will be high as possible. Can production stay at this level foever? Price Level Price Level GDP POTENTIAL AD₁ GDP POTENTIAL AS GDP MAX AD₁ AS GDP MAX AD2 GDP AD2 GDP Select one: O a. No, because eventually, higher aggregate demand will raise prices, and this will make some people less willing to do additional work Oc. All of these are true Od. Yes, because this is maximum production e. None of these are true O b. No, because eventually higher aggregate demand will cause prices to fall, and this will make producers decide to produce less
- According to the Keynesian model of macroeconomic equilibrium, a decrease in aggregate demand Select one: O a. will cause the price level to fall substantially. O b. will cause an increase in aggregate supply that will restore full employment. O c. will not cause unemployment. O d. will not cause nominal wages to decline sufficiently to restore full employment.An inflationary gap is automatically closed by wages that shift the O a) rising; SRAS curve rightward O b) falling; SRAS curve rightward c) falling: SRAS curve leftward d) rising: SRAS curve leftwardWhich of the following shocks would plausibly shift the quantity of automobiles supplied curve to the right? O A A revolution in drone technology allows for cheap, safe, reliable and convenient personal air travel. O B. Arevolution in materials allows cars to be built to their current specifications but for half the price. O C. Universal basic income is implemented increasing notably the wealth of every physical person over the age of 18. O D. The stock market collapses, wiping out billions of dollars in pension funds and personal savings.
- QUESTION 5Which of the following best describes inflation?O a. Economic growth.O b. An increase only in the price of energy.O c. An increase in the overall price level in an economy.O d. Ballooning debt.One of the most important views expressed by classical macroeconomists was that OA wages and prices are always rising. O B. wages and prices are inflexible. OC supply creates its own demand. O D. demand creates its own supply.If the NAIRU was 10% and the actual unemployment rate was 9%, we would conclude that O A. the expectational and output-gap effects would both likely mean no change in nominal wages. O B. the sticky wages would mean no decrease in nominal wages. O C. there would be no output-gap effect because unemployment was very high. D. the unemployment rate would have to fall further before the expectational effect would influence wage changes. O E. the output-gap effect would work to increase nominal wages for workers.
- A key difference between the new classical and the new Keynesian vievws of the business cycle is the role played by Select one: O a. unexpected changes in aggregate demand. O b. the growth rate of the quantity of money. O c expected changes in aggregate demand. Od. government expenditure on goods and services.If the input cost adjustment process works very slowly so that actual output differs from potential output for a long period of time, then None of the answers is correct O b. Active stabilization policies are probably not justified O c. Active stabilization policies are likely to create hyper-inflation O d. Active stabilization policy may widen the output gap even furtherIn macroeconomic analysis, the assumption that potential output (Y*) is changing is a characteristic of O a. the adjustment process. O b. the national accounts model. O c. the long run. Od. the business cycle model. Oe. the short run.