题目内容

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

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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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The fact that nominal wages are fixed by a contract at the beginning of a period while prices of goods may change within that period, implies that

A. unanticipated changes in the money supply do not affect the level of output
B. there is no trade-off between unemployment and inflation
C. firms want to supply more output when prices increase since the real wage rate is lower
D. anticipated monetary policy changes will not affect the level of inflation
E. money supply changes affect prices but not unemployment in the short run

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The efficiency wage theory of aggregate supply implies that

A. the AS-curve is vertical
B. paying employees higher wages won't induce them to work harder
C. even unanticipated changes in monetary or fiscal policy have no effect on the level of output
D. since the cost of changing wages and prices is low, wages can easily be adjusted in proportion to price changes to maintain full employment
E. none of the above

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Which of the following is NOT used in deriving the AS-curve in Chapter 6?

A. the link between output and employment
B. the price-cost relation
C. the Phillips curve
D. the quantity theory of money
E. all of the above are used

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