Economics MCQs

Page No. 142

The AD schedule indicates that _______ inflation is associated with ________ output?


ahigher, lower

✓


b higher, higher

✖


c lower, lower

✖


dzero, zero

✖


View Answer higher, lower

All the following are types of monetary policy expect ?


a a nominal money stock target

✖


b a balanced budget

✓


can inflation target

✖


d The pursuit of a target real interest rate

✖


View Answer a balanced budget

The relative-wage explanation for the existence of downwardly sticky wages emphasizes ?


a the contention that workers in one industry may be unwilling to accept a wage cut unless they know that workers in other industries are receiving similar cuts

✓


b employment contracts that stipulate workers’ wages usually for a period of one to three years

✖


c unspoken agreements between workers and firms that firms will not cut wages

✖


d the incentive that firms may have to hold wages above the market clearing rate

✖


View Answer the contention that workers in one industry may be unwilling to accept a wage cut unless they know that workers in other industries are receiving similar cuts

When economists use the term real business cycle theory they are suggesting that business cycles are caused by ?


a Shifts in aggregate supply

✓


bchanges in export demand due to the state of the world economy

✖


cbusiness confidence

✖


dbusiness expectations

✖


View Answer Shifts in aggregate supply

Doubts about the natural and the existences of the Phillips curve arose in the 1970s when the economy experienced ?


aa high rate of inflation: along with a low rate of unemploymen

✖


bsimultaneously low rates of inflation and unemployment

✖


csimultaneously high rates of inflation and unemployment

✓


d a high rate of unemployment along with a low rate of inflation

✖


View Answer simultaneously high rates of inflation and unemployment

If input price prices adjusted very rapidly to output prices as classical economists argue the Philips curve would be ?


aVertical or nearly vertical

✓


bupward sloping

✖


cdownward sloping

✖


d horizontal or nearly horizontal

✖


View Answer Vertical or nearly vertical

The Phillips curve indicates that there is a ?


a negative relationship between the inflation rate and labor demand

✖


bpositive relationship between labor supply and the inflation rate

✖


cpositive relationship between the inflation rate and the employment the

✖


d negative relationship between the inflation rate and the unemployment rate

✓


View Answer negative relationship between the inflation rate and the unemployment rate

Potential GDP is the level of aggregate output ?


athat can be produced if structural unemployment is zero

✖


bthat can be produced at a zero-unemployment rate

✖


c that can be sustained in the long run without inflation

✓


dthat can be sustained in the long run, if the inflation rate is zero

✖


View Answer that can be sustained in the long run without inflation

In the long run, the Phillips curve will be vertical at the natural rate of unemployment if ?


athe long-run aggregate demand curve is horizontal at the natural rate of inflation

✖


b the long run aggregate demand curve is vertical at potential GDP

✖


cthe long run aggregate demand curve is vertical at potential GDP

✓


dThe long run supply curve is horizontal at the natural rate of inflation

✖


View Answer the long run aggregate demand curve is vertical at potential GDP

According to the classical economists, those who are not working ?


ahave chosen not to work at the market wage

✓


b have given up looking for a job but would accept a job at the current wage if one were offered to them.

✖


c are too productive to be hired at the current wage

✖


dare unable to find a job at the current wage rate

✖


View Answer have chosen not to work at the market wage

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