When we say that potential GDP is exogenous with respect to the price level, we refer to
A. the fact that changes in real money balances cause output to rise
B. the fact that the long-run AS-curve shifts to the right over time
C. the short-run AS-curve
D. the medium-run AS-curve
E. the Keynesian AS-curve
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In the long run, as potential GDP grows at a steady pace and nominal money supply is continuously increased over time
A. the level of output is essentially determined by shifts in the AS-curve
B. the level of output is essentially determined by shifts in the AD-curve
C. the price level will not change since the AS-curve is horizontal
D. real money balances continuously decrease as the AD-curve remains constant
E. the price level is determined solely by the shift in the AS-curve
As nominal money supply is steadily increased and the long-run AS-curve shifts to the right over time, we realize that
A. the price level decreases since the AS-curve shifts right while the AD-curve remains constant
B. the price level stays the same, while output continuously increases
C. the price level increases or decreases depending on the respective shifts in the AD-curve and the AS-curve, but the level of output is essentially determined by the shifts in the AS-curve
D. we will experience a substantial increase in inflation with very little increase in output
E. none of the above
The theory of aggregate supply is one of the most controversial in macroeconomics because
A. modern models, while similar in their starting points, reach widely different results in explaining the AS-curve
B. economists cannot agree whether the Keynesian or the classical AS-curve is a better reflection of reality
C. economists cannot agree whether wages are completely flexible or rigid in the long run
D. economists cannot agree whether wages are completely flexible or rigid in the very short run
E. economists do not completely agree on the reasons for the slow adjustment of wages and prices after demand-side disturbances
Friedman and Phelps argued that the Phillips curve is not stable over time because
A. any kind of stabilization policy immediately affects nominal wages
B. any shift in aggregate demand will immediately also shift the Phillips curve
C. workers' expectations about price changes are only wrong temporarily
D. firms change wage rates for workers as soon as product prices change, so profits will not suffer
E. firms always immediately change their product prices in response to a change in money supply
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