Multiple Choice O the rate of wage inflation will be zero nominal wages will always be equal to real wages labour supply will be totally price elastic prices will always immediately adjust to changes in money supply none of the above
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- What has been a typical range of inflation in the U.S. economy in the last decade or so?Inflation rates, like most statistics, are imperfect measures. Can you identify some ways that the inflation rate for fruit does not perfectly capture the rising price of fruit?Explain why the wages in an economy are downward rigid/sticky but not upward sticky. How does this rigidity/stickiness help to explain why the government is more likely to try to stabilize the during a recession than during an expanston. As a rough expectation, your answer should be 200-500 words (there is no formal limit). economy EFocus Your (`ynress MQuntain aT7 English (Canada) porenly étv APR 7
- Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% sinceJune, after Russian and Saudi Arabian production cuts and rising demand from China.With many industries being heavily reliant on energy and transportation, what type of inflation would this leadto in South Africa?A. Demand-pull inflationB. Cost-push inflationC. StagflationD. HyperinflationWhat is one of the potential effects of the aforementioned inflation on the South African economy?A. Decreased purchasing power of money.B. Increased consumer savings.C. Reduced interest rates on loans.D. Higher demand for imports.25 Which of these statements is true about inflation? O a. It shows changes in the general prices of goods and services put of O b. It is calculated by comparing local prices with imported products O c. It compares the relative changes of prices of agricultural and technological products O d. It is always based on the prices of exports 26 Abeer is a skilled cheesemaker but due to the technology in making cheese, she lost her job. In which type of unemployment does Abeer belong to? put of O a. Cyclical O b. Natural O c. Structural O d. Frictional 27 Which of these is not accurate? O a. GDP covers outputs made in the past out of O b. GDP reflects medical expenditure but not mortality rates O c. GDP is not an accurate measure human welfare O d. GDP does not measure income inequalityIf the unemployment rate is 6% before a rise in government purchases, and if a rise in government purchases induces the typicalunemployed person to search 10% longer in the hopes of finding ahigh-paying government job, what will the unemployment rate beafter the rise in government purchases? Only consider the impactof this waiting-for-a-good-job effect.
- Suppose the inflation rate has been 15 percent for the past four years. The unemployment rate is currently at the natural rate of unemployment of 5 percent. 30 The Bank of Canada decides that it wants to permanently reduce the infation rate to 5 percent. To de this, the Bank of Canada would use torg-tun Philips curve 25 poley. the natural 20 As a result of this policy, the unemployment rate will be rate of 6 percent and the inflation rate will be edging slowly 15 Use the line drawing tool to draw the line that ilustrates what will happern the Bank of Canadn maintains this policy long enough that workers and fims lower their expectations of future inflation. Property label this line. 10 Short-un Phiips curve Carefully follow the instructions above, and only draw the required objects. 5- Ir the the Bank of Canada policy is successful, the infation rate will be percent and the unemployment rate will beO percent. 10 Unempioyment rate (percent) Click the graph, choose a tool in the palette…Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% sinceJune, after Russian and Saudi Arabian production cuts and rising demand from China. With many industries being heavily reliant on energy and transportation, what type of inflation would this leadto in South Africa?A. Demand-pull inflationB. Cost-push inflationC. StagflationD. HyperinflationCheck According to the modern view of the Phillips curve, expansionary macroeconomic policy that leads to inflation will reduce unemployment .. only if people underestimate the inflationary side effects of the policy Ob only if people overestimate the inflationary side effects of the policy. Ocif people accurately anticipate the inflationary side effects of the policy Od only if monetary pohcy provides the macroeconomic stamulus.
- 1) Explain the trade off between inflation and output in macroeconomics. 2)Exlain why the government may/may not be able to just randomly implement policies to increase ouput.The Detroit Free Press reported economic data for last month. Last month, the national unemployment rate decreased by 0.1% while the price level rose by 2%. What could have happened during that time? The economy experienced last month. O a rightward shift of AS cost-push inflation a leftward shift of AS demand-pull iflationRefer to the accompanying figure. LRAS Inflation a A 0, y' Output O O An economy is currently in long-run equilibrium at point B, at an inflation rate of m, which is too high to sustain economic growth. If an anti-inflationary policy is enacted, the economy will be in short-run equilibrium at point creating gap. O SRAS O SRAS AD' AD A; an expansionary A; a recessionary D; a recessionary D; an expansionary