If the government stimulates aggregate demand in response to an adverse supply shock,
A. the inflation rate will increase but frictional unemployment will decrease
B. the unemployment rate will increase but the inflation rate will decline
C. an increase in unemployment can be avoided but only at the cost of increased inflation
D. high inflation can be avoided but the rate of unemployment will increase
E. the inflation and unemployment rates will be reduced simultaneously
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Assume the economy is at full employment. If the Fed accommodates an increase in oil prices by expansionary monetary policy, the most likely long-run effect will be that
A. unemployment and prices will both increase
B. unemployment will decrease and prices will remain the same
C. unemployment will increase but prices will remain the same
D. unemployment and prices will both remain unchanged
E. unemployment will remain about the same but prices will increase
The real (inflation adjusted) price of crude oil
A. more than doubled between 1978 and 1981
B. was lower in 1998 than in 1980
C. was higher in 2008 than in 1980
D. increased more than fourfold between 1998 and 2008
E. all of the above
In the long run, what event(s) can lead to an increase in inflation without changing the unemployment rate above its natural level?
A. a tax decrease combined with a government spending decrease
B. an increase in government spending combined with restrictive monetary policy
C. an adverse supply shock
D. an adverse supply shock accommodated by expansionary monetary policy
E. a favorable supply shock
The sacrifice ratio is defined as
A. the percentage of output lost for every 1 percent increase in the unemployment rate
B. the percentage increase in the unemployment rate for every 1 percent reduction in GDP
C. the percentage of output lost for each 1 percent reduction in the rate of inflation
D. the inflation rate plus the unemployment rate
E. the inflation rate divided by the unemployment rate
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