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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The coordination approach to the Phillips curve focuses on the fact that
A. administrations have problems coordinating fiscal policy with the monetary policy of the central bank
B. long-term labor contracts tend to expire at different times, so firms cannot coordinate their hiring
C. unemployed workers are not organized enough to influence wage negotiations
D. firms are unsure about their competitors' behavior and are therefore reluctant to change wages and prices following a change in aggregate demand
E. workers have only imperfect information about their real wages
The inverse relationship between inflation and unemployment is called
A. Okun's law
B. the Lucas curve
C. the Phillips curve
D. the replacement ratio
E. the sacrifice ratio
A difference between the inflation-expectations-augmented Phillips curve and the Phillips curve that is based on rational expectations is that
A. in the latter people never make incorrect forecasts
B. in the latter monetary policy changes cannot affect the rate of inflation
C. in the former a change in monetary policy causes an immediate shift in the Phillips curve
D. in the former expected inflation is always equal to actual inflation
E. none of the above
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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