The Keynesian AS-curve differs from the classical AS-curve, since Keynes
A. thought that labor markets worked smoothly to always establish full employment
B. thought that nominal wages were flexible even when there was unemployment
C. thought that nominal wages were rigid even when there was unemployment
D. described the AS-curve as completely vertical
E. assumed that firms tried to exploit the work force by paying them substandard wages
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The Keynesian AS-curve implies that
A. the economy is always at the full-employment level of output
B. the price level is unaffected by current levels of GDP
C. wages are perfectly flexible
D. real money balances decrease as the AD-curve shifts to the right
E. an increase in nominal money supply will not affect the level of real GDP
In the Keynesian aggregate supply curve case,
A. firms will always supply the amount of goods demanded at the existing price level
B. consumers will demand whatever is supplied by firms at each price
C. the economy is always at full employment
D. unemployment is always at its natural rate
E. none of the above
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
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
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