Expansionary monetary policy will increase nominal GDP
A. in the Keynesian case
B. in the classical case
C. in the medium run
D. all of the above
E. only A) and C)
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In the classical supply curve case, monetary expansion will
A. increase P, lower i, and leave Y unchanged
B. increase Y, lower i, and leave P unchanged
C. leave Y and i unchanged but increase P
D. leave Y, i, and P unchanged
E. increase Y, i, and P
In which of the following cases is expansionary fiscal policy LEAST effective in increasing output?
A. if wages adjust rapidly to maintain equilibrium in the labor market
B. if wages do not change much even when there is high unemployment
C. if it is combined with expansionary monetary policy
D. if we have a Keynesian AS-curve
E. if the Fed is trying hard to keep interest rates from rising
An increase in government purchases will NOT increase the level of output if
A. the AS-curve is totally price elastic
B. the price level is fixed
C. wages and prices are completely rigid
D. wages and prices are completely flexible
E. real money balances are not affected
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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