When the economy is at potential GDP the unexpected inflation rate is blank and the unemployment rate is equal to blank zero and potential output 2% and the non-accelerating inflation rate of unemployment 2% and cyclical
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- A period during which overall inflation rates are positive but falling is: Multiple Choice deflation. zero price level. disinflation. inflation.If inflation rises unexpectedly by 5% which of the following economic actors are helped by the higher than expected inflation? a) People and government with long-term debt at fixed interest rates b) Someone with a large stash of cash in a safe deposit box c) None of the choices is correct d) A person who is not due to receive a pay raise for another 11 months e) A bank lending money at a fixed rate of interestDemand–pull inflation occurs when increases until equilibrium output exceeds the full employment level.
- What is the NAIRU? the natural accelerating inflation rate of unemployment the nonaccelerating inflation rate of unemployment the nongovernmental agency of inflationary rate unions the new accrual index of real unemploymentSuppose that people consume only three goods, as shown in this table: 2020 Price Quantity 2021 Price Quantity Tennis Balls Percentage Change $2 100 True $2 100 False Golf Balls Bottles of Gatorade $4 100 $6 100 Complete the following table by computing the percentage change in price for each of the three goods. $2 200 $3 200 Tennis Balls Golf Balls Bottles of Gatorade 0% 50% Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is 50 True or False: If you were to learn that a bottle of Gatorade increased in size from 2020 to 2021, that information would raise your estimation of the inflation rate. %Which of the following is a potential benefit of inflation? Higher unemployment Higher prices Less government revenue More business profits
- Which of the following economic changes are consistent with demand-pull inflation? Check all that apply. Falling unemployment Excessive issuance of money by the central bank An increase in the price levelFor a country, economists have estimated that structural unemployment is 2.0% and frictional unemployment is 3.0%. If total unemployment is currently 4.0%, this suggests that: a) The economy is in a recessionary gap, with actual output greater than potential output. b) The economy is in an inflationary gap, with actual output greater than potential output. c) There is no output gap, and actual output is equal to potential output. d) The economy is in a recessionary gap, with actual output less than potential output. e) The economy is in an inflationary gap, with actual output less than potential output.The graph depicts a hypothetical economy's short-run Philips curve (SRPC). Please shift the SRPC to reflect what happens when expected inflation decreases by 2 percentage points. After the shift in SRPC, what is the unemployment rate if the public expects no inflation in the economy? % Inflation rate (%) -1 -2 0 7 6 SRPC 5 4 3 2 -3 0 1 2 3 4 5 6 7 8 0 10
- Which of the following is true regarding different types of inflation? Cost-push inflation is accompanied by higher unemployment. Cost-push inflation is accompanied by lower unemployment. Demand-pull inflation is accompanied by higher unemployment. Deflation is always accompanied by lower unemployment.large or persistent inflation is almost always caused by