The fact that nominal wages are fixed by a contract at the beginning of a period while prices of goods may change within that period, implies that
A. unanticipated changes in the money supply do not affect the level of output
B. there is no trade-off between unemployment and inflation
C. firms want to supply more output when prices increase since the real wage rate is lower
D. anticipated monetary policy changes will not affect the level of inflation
E. money supply changes affect prices but not unemployment in the short run
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The efficiency wage theory of aggregate supply implies that
A. the AS-curve is vertical
B. paying employees higher wages won't induce them to work harder
C. even unanticipated changes in monetary or fiscal policy have no effect on the level of output
D. since the cost of changing wages and prices is low, wages can easily be adjusted in proportion to price changes to maintain full employment
E. none of the above
Which of the following is NOT used in deriving the AS-curve in Chapter 6?
A. the link between output and employment
B. the price-cost relation
C. the Phillips curve
D. the quantity theory of money
E. all of the above are used
The upward-sloping AS-curve will shift eventually to the left if
A. labor productivity increases
B. actual output is lower than the full-employment level
C. actual output is higher than the full-employment level
D. the markup over labor cost falls
E. the level of potential output increases
The original Phillips curve shows an inverse relationship between
A. the level of output and prices
B. the level of output and unemployment
C. the level of prices and employment
D. the rate of change in money wages and the rate of unemployment
E. the level of prices and wage rate changes
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