Positive Relationship Between the Price Level
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Positive Relationship Between the Price Level
The positive relationship between the price level and the amount of output means that the…
1.The positive relationship between the price level and the amount of output means that the aggregate supply curve is:A.horizontal.B.upward-sloping.C.vertical.D.downward-sloping.2.In the sticky-price model, if the fraction of firms in the economy that set prices in advance rises, then it would be expected that the aggregate supply curve:A.shifts upward.B.shifts downward.C.becomes steeper.D.becomes flatter.3.Which of the following will shift the aggregate supply curve up to the left?A.an increase in the price levelB.a decrease in the level of outputC.an increase in the expected price levelD.a decrease in the price level4.Exhibit: AD–AS ShiftsReference: Ref 14-1(Exhibit: AD–AS Shifts) Starting from long-run equilibrium at A with output equal to and the price level equal to P1, if there is an unexpected monetary contraction that shifts aggregate demand from AD1 to AD3, then the short-run nonneutrality of money is represented by the movement from:A.A to BB.A to GC.A to CD.A to D5.Exhibit: AD–AS ShiftsReference: Ref 14-1(Exhibit: AD–AS Shifts) Starting from long-run equilibrium at A with output equal to and the price level equal to P1, if there is an unexpected monetary contraction that shifts aggregate demand from AD1 to AD3, then the long-run neutrality of money is represented by the movement from:A.A to BB.A to GC.A to CD.A to D6.Starting from the natural level of output, an unexpected monetary contraction will cause output and the price level to ______ in the short run; and in the long run the expected price level will ______, causing the level of output to return to the natural level.A.increase; increaseB.increase; decreaseC.decrease; decreaseD.decrease; increase7.The Phillips curve represents the trade-off between:A.inflation and expected inflation.B.output and unemployment.C.inflation and unemployment.D.output and interest rates.8.The modern Phillips curve posits that the inflation rate depends on three forces. On which of the following does it NOT depend?A.the level of business inventoriesB.expected inflationC.cyclical unemploymentD.supply shocks9.If expected inflation rises, the Phillips curve:A.shifts upward.B.shifts downward.C.becomes steeper.D.becomes flatter.10.The proportion of real GDP that must be forgone in order to reduce the inflation rate by one percentage point is called:A.opportunity cost.B.wage deflation.C.demand-pull inflation.D.sacrifice ratio.11.In the country of Stabilia, the monetary authorities particularly dislike inflation. The current inflation of 5 percent is considered rampant. If the sacrifice ratio in Stabilia is five, the percentage of a year’s GDP that has to be forgone to bring inflation down to 1 percent is:A.0.8 percent.B.1.25 percent.C.20 percent.D.25 percent.12.The approach that assumes that people optimally use all the available information to forecast the future is called:A.the sacrifice ratio.B.expected inflation.C.adaptive expectations.D.rational expectations.13.When people believe that policymakers are credibly committed to lowering inflation, the sacrifice ratio will be:A.lower than when people don’t believe that policymakers are credible.B.higher than when people don’t believe that policymakers are credible.C.the same as when people don’t believe that policymakers are credible.D.either higher or lower than when people don’t believe that policymakers are credible.14.If the equation for a country’s Phillips curve is ? = 0.02 – 0.8(u – 0.05), where ? is the rate of inflation and u is the unemployment rate, what is the short-run inflation rate when unemployment is 4 percent (0.04)?A.above 2 percent (0.02)B.below 2 percent (0.02)C.2 percent (0.02)D.–2 percent (–0.02)15.Assume that an economy has the Phillips curve ? = ?–1 – 0.5(u – 0.06). Then the natural rate of unemployment is:A.0.5.B.0.12.C.0.06.D.0.03.16.Assume that an economy has the Phillips curve ? = ?–1 – 0.5(u – 0.06). How many percentage-point-years of cyclical unemployment are needed to reduce inflation by 5 percentage points?A.20B.10C.5D.2.517.Suppose we write the Keynesian consumption function as C = K + cY where K > 0 and 0
Positive Relationship Between the Price Level
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