Stagflation, that is, high unemployment combined with high inflation
A. cannot persist, since the economy eventually will return to full employment
B. can only occur if expansionary monetary policy is combined with restrictive fiscal policy
C. is inconsistent with the inflation-expectations-augmented Phillips curve
D. cannot occur as long as the expected inflation rate is above the actual inflation rate
E. none of the above
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Fiscal policy will affect prices and interest rates but not the level of output if
A. the AD-curve is vertical
B. the AS-curve is vertical
C. the AD-curve is horizontal
D. the AS-curve is horizontal
E. both A) or D)
Assume investment is very interest sensitive and wages always adjust immediately to maintain an equilibrium in the labor market. Which of the following would be most effective in significantly increasing the level of output?
A. expansionary fiscal policy
B. expansionary monetary policy
C. increased government spending accompanied by monetary expansion
D. an increase in government transfer payments
E. none of the above policies would succeed in significantly increasing the level of output
In the AD-AS model, fiscal or monetary policy cannot affect the level of output in
A. the medium run and the long run
B. the medium run and the short run
C. the short run only
D. the medium run only
E. the long run only
The income velocity of money can be calculated using the following formula
A. V = M/(PY)
B. V = (MY)/P
C. V = (PY)/M
D. V = MY
E. none of the above
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