According to the Phillips curve relationship, if unemployment is at the natural rate, then
A. the rate of inflation is zero
B. nominal wages will always be equal to real wages
C. the labor supply will be totally price elastic
D. prices will always immediately adjust to changes in money supply
E. none of the above
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The newer view of the Phillips curve implies that
A. the natural rate of unemployment can be reduced by expansionary monetary policy
B. in the long run unemployment does not move towards a natural rate if there is frictional unemployment
C. an increase in monetary growth affects unemployment and inflation in the short run, but only affects inflation in the long run
D. there is a clear inverse relationship between unemployment and output
E. stagflation can best be addressed by implementing expansionary fiscal policies
The inflation-expectations-augmented Phillips curve implies that
A. unemployment is at its natural rate when expected inflation is equal to actual inflation
B. stagflation occurs when expected inflation is below actual inflation
C. stagflation occurs when the short-run Phillips curve shifts left
D. the inflation rate is equal to the real output growth rate plus the monetary growth rate
E. the expected inflation rate is always equal to the monetary growth rate
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
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)
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