In which of the following cases will the AS-curve be horizontal?
A. if nominal wages and prices always change proportionally, leaving real wages unchanged
B. if nominal wages do not change even if there is high unemployment
C. if nominal wages are completely flexible
D. if the economy is always in a full-employment equilibrium
E. if fiscal policy has no impact on the output level
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Given the Keynesian AS-curve, expansionary monetary policy will
A. increase the level of output but leave the price level unchanged
B. increase the price level but leave the level of output unchanged
C. increase both the level of output and the price level
D. leave the level of output and the price level unchanged
E. increase the level of output but decrease the price level
In the Keynesian aggregate supply curve case, a fiscal expansion will
A. have no impact on equilibrium income or prices
B. increase prices but have no impact on equilibrium income
C. increase prices more than income
D. increase income more than prices
E. increase equilibrium income but have no impact on prices
Which of the following is FALSE?
A. the AS-curve is horizontal in the Keynesian case
B. the AS-curve is vertical in the classical case
C. the AS-curve is upward sloping in the medium run
D. the AS-curve is more price elastic in the long run than in the short run
E. none of the above
The AD-AS diagram used in this chapter
A. is unrelated to the demand and supply diagram used in microeconomics
B. uses the average price level of all goods and services we buy as “price”
C. uses an AS-curve that is relatively more price elastic in the medium run than in the long run
D. uses an AS-curve that is vertical in the long run and horizontal in the very short run
E. all of the above
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