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)
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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
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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