Which of the following is FALSE?
A. in the long run, a central bank can effectively limit inflation
B. in the long run, a central bank can do fairly little to stimulate real GDP
C. in the long run, monetary policy has no effect on nominal GDP
D. unless inflation is very high, stimulating the economy does more to enhance economic welfare than controlling inflation
E. a central bank can lower the inflation rate but only by allowing for a loss in real GDP, at least in the short run
Many economists believe that
A. most short-term stabilization of the economy should be done through monetary policy
B. fiscal policy has no short-run effect on either output or inflation
C. monetary policy affects inflation but not output, even in the short run
D. monetary policy can effectively increase GDP with little or no effect on inflation
E. none of the above is true
Which of the following is NOT a result of monetary policy?
A. aggregate demand is affected, leading to a change in nominal GDP
B. the level of potential GDP will change
C. spending on investment and durable consumption goods is affected
D. the rates of unemployment and inflation are affected in the short run
E. real interest rates will remain unaffected in the long run
Monetary policy is best conducted by
A. focusing on a sustainable goal rather than maintaining full employment at all times
B. decisive major policy changes rather than modest steps
C. changing policies frequently to keep financial markets guessing what will happen next
D. keeping the interest rate at the lowest sustainable level no matter what
E. none of the above
When a central bank engages in inflation targeting
A. unemployment isn’t affected since nominal interest rates are kept very low
B. interest rates are raised substantially as soon as the output gap increases
C. interest rate stability is an explicit policy goal
D. little weight is give to transparency
E. little or no weight is given to the output gap
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