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
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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
Which of the following event(s) most likely will leave prices relatively unchanged while increasing output?
A. an increase in money supply combined with an income tax increase
B. expansionary monetary policy in response to an adverse supply shock
C. expansionary fiscal policy employed after a favorable supply shock
D. restrictive monetary policy in response to an oil price decrease
E. none of these
If we look at the sacrifice ratios across countries, we find that
A. all industrial nations have approximately the same ratio
B. Japan has a smaller ratio than Germany, France, or the U.S.
C. Germany has a higher ratio than Italy, Australia, or the U.S.
D. no country has a ratio below 1
E. no country has a ratio above 1
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