If restrictive monetary policy leads to a lower price level but leaves real output, employment, and real interest rates unchanged, then
A. real money balances must be unchanged
B. it must have been accompanied by expansionary fiscal policy
C. it must have been accompanied by restrictive fiscal policy
D. money is said to be neutral
E. both A) and D)
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Supply-side economics involves policy measures designed to
A. encourage technological progress
B. remove unnecessary government regulations
C. give investment tax credits to stimulate specific capital investments
D. all of the above
E. none of the above
Cutting income tax rates will most likely cause
A. a large shift in the AD-curve but a small shift in the AS-curve
B. a small shift in the AD-curve but a large shift in the AS-curve
C. a large increase in output resulting in a large increase in tax revenues
D. a budget deficit so large that income growth is no longer possible
E. both B) and C)
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
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
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