As nominal money supply is steadily increased and the long-run AS-curve shifts to the right over time, we realize that
A. the price level decreases since the AS-curve shifts right while the AD-curve remains constant
B. the price level stays the same, while output continuously increases
C. the price level increases or decreases depending on the respective shifts in the AD-curve and the AS-curve, but the level of output is essentially determined by the shifts in the AS-curve
D. we will experience a substantial increase in inflation with very little increase in output
E. none of the above
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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
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%
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