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Question 31 of 40 |
2.5 Points |
A necessary condition for the classical model to work is that __________.
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[removed] A. wages and prices are fully flexible |
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[removed] B. prices, but not wages, are fully flexible |
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[removed] C. wages and prices are not fully flexible |
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[removed] D. wages, but not prices, are fully flexible |
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Question 32 of 40 |
2.5 Points |
Suppose that the unemployment rate is __________ the natural rate. We would expect prices to fall, money demand to fall, interest rates to fall, and total demand to __________.
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[removed] A. above; rise |
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[removed] B. above; fall |
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[removed] C. below; rise |
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[removed] D. below; fall |
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Question 33 of 40 |
2.5 Points |
Since the long-run Phillips curve is vertical at the natural unemployment rate, what type of trade-off is there between employment and inflation?
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[removed] A. There is no trade-off between employment and inflation. |
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[removed] B. There is a constant trade-off between employment and inflation. |
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[removed] C. There is a linear trade-off between employment and inflation. |
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[removed] D. Employment and inflation are indirectly proportional (the one goes up, the other goes down.. |
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Question 34 of 40 |
2.5 Points |
What is the name for the inflation rate that people forecast and use to set the money wage rate and other money prices?
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[removed] A. the equilibrium inflation rate |
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[removed] B. the fixed-money inflation rate |
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[removed] C. the potential inflation rate |
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[removed] D. the expected inflation rate |
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Question 35 of 40 |
2.5 Points |
Keynes expressed doubts that that the economy would __________.
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[removed] A. ever return to full-employment |
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[removed] B. ever move away from full-employment |
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[removed] C. recover from a major recession without active policy |
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[removed] D. recover from the effects of higher prices |
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Question 36 of 40 |
2.5 Points |
A decrease in aggregate demand that brings a movement down along the aggregate supply curve lowers the price level and __________ real GDP.
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[removed] A. does not affect |
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[removed] B. decreases |
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[removed] C. increases |
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[removed] D. varies with |
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Question 37 of 40 |
2.5 Points |
To lower the expected inflation rate, the Fed must take actions that will __________ the actual inflation rate.
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[removed] A. decelerate |
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[removed] B. accelerate |
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[removed] C. increase |
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[removed] D. decrease |
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Question 38 of 40 |
2.5 Points |
The Federal Reserve can use monetary policy to __________.
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[removed] A. change output in the long run, but not the short run |
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[removed] B. change output in the short run, but not the long run |
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[removed] C. change output in both the short run and the long run |
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[removed] D. Monetary policy has no effect on output |
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Question 39 of 40 |
2.5 Points |
In the long run, a decrease in the money supply __________.
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[removed] A. has no effect on real interest rates, investment, or output |
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[removed] B. increases real interest rates, decreases investment, and decreases output |
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[removed] C. increases real interest rates, increases investment, and decreases output |
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[removed] D. decreases real interest rates, decreases investment, and decreases output |
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Question 40 of 40 |
2.5 Points |
Say’s law from a classical economic perspective __________.
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[removed] A. states that supply creates its own demand |
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[removed] B. explains the classical idea that the value of GDP will equal the demand for goods and services |
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[removed] C. supports economists belief that neither surplus nor shortage would ever exist when production and demand are equal for goods and services |
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[removed] D. all of the above |
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