The upward-sloping AS-curve will shift eventually to the left if
A. labor productivity increases
B. actual output is lower than the full-employment level
C. actual output is higher than the full-employment level
D. the markup over labor cost falls
E. the level of potential output increases
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The original Phillips curve shows an inverse relationship between
A. the level of output and prices
B. the level of output and unemployment
C. the level of prices and employment
D. the rate of change in money wages and the rate of unemployment
E. the level of prices and wage rate changes
According to the Phillips curve relationship, if unemployment is at the natural rate, then
A. the rate of inflation is zero
B. nominal wages will always be equal to real wages
C. the labor supply will be totally price elastic
D. prices will always immediately adjust to changes in money supply
E. none of the above
The newer view of the Phillips curve implies that
A. the natural rate of unemployment can be reduced by expansionary monetary policy
B. in the long run unemployment does not move towards a natural rate if there is frictional unemployment
C. an increase in monetary growth affects unemployment and inflation in the short run, but only affects inflation in the long run
D. there is a clear inverse relationship between unemployment and output
E. stagflation can best be addressed by implementing expansionary fiscal policies
The inflation-expectations-augmented Phillips curve implies that
A. unemployment is at its natural rate when expected inflation is equal to actual inflation
B. stagflation occurs when expected inflation is below actual inflation
C. stagflation occurs when the short-run Phillips curve shifts left
D. the inflation rate is equal to the real output growth rate plus the monetary growth rate
E. the expected inflation rate is always equal to the monetary growth rate
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