What sort of event could lead to a simultaneous decrease in the rates of inflation and unemployment?
A. a decrease in money supply
B. an increase in money supply
C. an adverse supply shock
D. a decrease in material prices
E. restrictive monetary policy following an adverse supply shock
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In the static AD-AS model, what is the most likely long-run outcome of an oil price increase, if no policy change is implemented?
A. real wages will decline while the levels of output and prices will remain unchanged
B. the level of prices will increase while the level of output will remain unchanged
C. the natural unemployment rate and the price level will both increase
D. nominal wages and prices will increase, but real wages will remain unchanged
E. real money balances and real wages will decline while nominal wages will remain unchanged
In the AD-AS model with an upward-sloping AS-curve, a decrease in oil prices will
A. increase prices and output
B. decrease prices and increase output
C. increase prices and decrease output
D. decrease prices and output
E. decrease prices but have no effect on output
Which of the following is the most likely medium-run outcome of an adverse supply shock?
A. an increase in consumer prices and a higher level of real GDP
B. a decrease in real GDP
C. an increase in real wage rates
D. an increase in frictional unemployment
E. an increase in nominal GDP with real GDP remaining the same
Suppose an increase in oil prices is accompanied by a decline in the level of potential output. Which of the following is the most likely long-run effect?
A. real GDP will decrease but prices will increase
B. real GDP and prices will both decline
C. real GDP will remain the same but prices will increase
D. real GDP will remain the same but nominal GDP will decrease
E. the unemployment rate and prices will both decrease
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