When nominal money supply is held constant and the price level increases, then
A. real money balances increase and real interest rates decrease
B. real money balances decrease and real interest rates increase
C. real money balances decrease and real interest rates remain the same
D. the AS-curve must have shifted to the right
E. both B) and D)
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In the medium run, if government purchases are decreased and nominal money supply is increased, then we can expect that
A. aggregate demand will decrease and aggregate supply will increase, leaving the level of output the same
B. output, prices, and interest rates will all increase
C. output and prices will decrease, while interest rates will increase
D. interest rates will decrease, while output and prices may increase, decrease, or remain the same
E. none of the above
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
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)
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