A decrease in nominal money supply will be reflected in
A. a shift of the AD-curve to the right
B. a shift of the AD-curve to the left
C. movement along the AD-curve from right to left
D. movement along the AD-curve from left to right
E. a shift of the AS-curve to the left
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Expansionary fiscal policy is very effective in significantly increasing the level of output
A. if the AS-curve is totally price inelastic
B. in the classical case
C. if the economy is close to full employment
D. if the economy is in a recession
E. both A) and D)
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)
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
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