The theory of aggregate supply is one of the most controversial in macroeconomics because
A. modern models, while similar in their starting points, reach widely different results in explaining the AS-curve
B. economists cannot agree whether the Keynesian or the classical AS-curve is a better reflection of reality
C. economists cannot agree whether wages are completely flexible or rigid in the long run
D. economists cannot agree whether wages are completely flexible or rigid in the very short run
E. economists do not completely agree on the reasons for the slow adjustment of wages and prices after demand-side disturbances
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Friedman and Phelps argued that the Phillips curve is not stable over time because
A. any kind of stabilization policy immediately affects nominal wages
B. any shift in aggregate demand will immediately also shift the Phillips curve
C. workers' expectations about price changes are only wrong temporarily
D. firms change wage rates for workers as soon as product prices change, so profits will not suffer
E. firms always immediately change their product prices in response to a change in money supply
For many government decision makers, the original Phillips curve implied
A. a trade-off between lowering unemployment at the cost of higher inflation or lowering inflation at the cost of higher unemployment
B. that active stabilization policy will always work if applied correctly
C. that severe recessions were a thing of the past, as unemployment could easily adjust to its natural rate
D. that the natural rate of unemployment can be lowered by expansionary monetary policy
E. all of the above
If we look at the annual U.S. unemployment rates over the last five decades, we see
A. peaks in 1982, 1992, 2002, and 2008, with each peak higher than the last
B. fairly small variations around the natural rate of 5.2%
C. fairly large variations but with the rate quickly returning to about 4% after each peak
D. that the unemployment rate exceeded 10% at least once
E. that the unemployment rate never exceeded 9%
A shift of the AD-curve to the left can be caused by
A. a decrease in taxes
B. an increase in business and consumer confidence
C. an increase in nominal money supply
D. a decrease in government transfer payments
E. a decrease in money demand
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