In the AD-AS model with an upward-sloping AS-curve, a decrease in oil prices will
A. increase prices and output
B. decrease prices and increase output
C. increase prices and decrease output
D. decrease prices and output
E. decrease prices but have no effect on output
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Which of the following is the most likely medium-run outcome of an adverse supply shock?
A. an increase in consumer prices and a higher level of real GDP
B. a decrease in real GDP
C. an increase in real wage rates
D. an increase in frictional unemployment
E. an increase in nominal GDP with real GDP remaining the same
Suppose an increase in oil prices is accompanied by a decline in the level of potential output. Which of the following is the most likely long-run effect?
A. real GDP will decrease but prices will increase
B. real GDP and prices will both decline
C. real GDP will remain the same but prices will increase
D. real GDP will remain the same but nominal GDP will decrease
E. the unemployment rate and prices will both decrease
If policy makers want to get the price level quickly back to its original level following an adverse supply shock, they need to
A. implement restrictive monetary policy
B. decrease taxes
C. increase government transfer payments
D. combine a tax increase with an increase in government spending of equal magnitude
E. levy a tariff on imported oil
If nominal wage rates were completely flexible, then
A. fiscal policy would affect real money balances but not output
B. there would be a clear trade-off between unemployment and inflation
C. periods of unemployment would be much more frequent
D. frictional unemployment would not exist
E. monetary policy would be ineffective in changing the price level
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