Restrictive monetary policy will eventually affect the upward-sloping AS-curve since
A. higher interest rates will increase the cost of production
B. higher interest rates will reduce the capital stock which will, in turn, reduce potential GDP
C. the resulting unemployment will cause downward pressure on nominal wages, so the cost of production will decrease
D. real wages will decline while nominal wags remain constant
E. firms will start laying off workers in anticipation of a decline in aggregate demand
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In the medium run the aggregate supply curve is upward sloping since
A. workers immediately realize that nominal wage increases are really the result of price increases
B. firms encounter costs in resetting prices and are reluctant to change wages following a change in aggregate demand
C. wages and prices always immediately change in proportion to the money stock
D. there is always natural friction in the labor market that prevents unemployment from reaching zero
E. none of the above
Assume output is at its full-employment level and the Fed restricts money supply. What is the most likely outcome?
A. an immediate decrease in prices, with no impact on output
B. no change in nominal wages in the short run, but a decline in output and prices in the medium run
C. no change in real wages, but a decline in output and prices in the medium run
D. a decrease in nominal wages and prices in proportion to money supply, but no change in output and real interest rates in the long run
E. both B) and D)
Assume the economy is at full employment. Which is the most likely effect of a decrease in government spending?
A. output, prices, and interest rates will all increase in the medium run
B. output, prices, and interest rates will all decrease in the long run
C. prices and interest rates will decrease in the medium and long run while output will be negatively affected in the medium run but not in the long run
D. output and prices will remain the same in the long run, but interest rates will increase both in the medium and long run
E. output, prices and interest rates will all decline in the medium run but only output will be negatively affected in the long run
Assume the Fed implements restrictive monetary policy. Which of the following is the most likely result in an AD-AS framework with an upward sloping AS-curve?
A. the interest rate will increase but output, prices, and real money balances will fall
B. the interest rate, output, and prices will all decline
C. prices and output will fall, but real money balances will increase
D. real money balances will remain unchanged, since money supply and prices will decrease proportionally
E. real money balances and prices will fall proportionally
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