A difference between the inflation-expectations-augmented Phillips curve and the Phillips curve that is based on rational expectations is that
A. in the latter people never make incorrect forecasts
B. in the latter monetary policy changes cannot affect the rate of inflation
C. in the former a change in monetary policy causes an immediate shift in the Phillips curve
D. in the former expected inflation is always equal to actual inflation
E. none of the above
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The insider-outsider model refers to
A. policy making in White House
B. the fact that the unemployed do not take part in collective bargaining
C. the fact that wages do not respond significantly to changes in the unemployment rate
D. slow price adjustments in an imperfectly competitive business environment
E. both B) and C)
The unemployment gap
A. always grows twice as fast as the output gap
B. always is negative
C. always increases as the rate of inflation increases
D. always stays at its natural level
E. none of the above
Wages are considered to be sticky rather than flexible since
A. firms encounter menu costs when changing wages but not when changing prices
B. labor contracts contain cost-of-living adjustments
C. firms tend to look at labor as an expendable resource
D. firms are unsure about their competitors' behavior and only reluctantly change prices and wages following a change in aggregate demand
E. all of the above
Which of the following is NOT true for the expectations-augmented Phillips curve?
A. the short-run curve shifts with changes in inflationary expectations
B. the position of the curve depends on the expected rate of inflation
C. if actual inflation is equal to expected inflation, we are at full-employment
D. if unemployment is below its natural rate, the curve will shift to the right
E. if wages and prices don't respond to changes in unemployment, the curve is vertical
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