經(jīng)濟(jì)學(xué)原理對(duì)應(yīng)練習(xí)35

1、Chapter 35 The Short-Run Trade-off between Inflation and UnemploymentMultiple Choice1.Closely watched indicators such as the inflation rate and unemployment are released each month by thea.Bureau of the Budget.b.Bureau of Labor Statistics.c.Department of the Treasury.d.Presidents Council of Economic

2、 Advisors.ANS: BPTS: 1DIF: 1REF: 35-1TOP: Bureau of Labor StatisticsMSC: Definitional2.The misery index is calculated as thea.inflation rate plus the unemployment rate.b.unemployment rate minus the inflation rate.c.actual inflation rate minus the expected inflation rate.d.natural unemployment rate p

3、lus the long-run inflation rate.ANS: APTS: 1DIF: 1REF: 35-1TOP: Misery indexMSC: Definitional3.The misery index is supposed to measure thea.social cost of unemployment.b.health of the economy.c.lost output associated with a particular unemployment rate.d.short-run tradeoff between inflation and unem

4、ployment.ANS: BPTS: 1DIF: 1REF: 35-1TOP: Misery indexMSC: Definitional4.One determinant of the natural rate of unemployment is thea.rate of growth of the money supply.b.minimum wage rate.c.expected inflation rate.d.All of the above are correct.ANS: BPTS: 1DIF: 1REF: 35-1TOP: Natural rate of unemploy

5、mentMSC: Definitional5.One determinant of the long-run average unemployment rate is thea.market power of unions, while the inflation rate depends primarily upon government spending.b.minimum wage, while the inflation rate depends primarily upon the money supply growth rate.c.rate of growth of the mo

6、ney supply, while the inflation rate depends primarily upon the market power of unions.d.existence of efficiency wages, while the inflation rate depends primarily upon the extent to which firms are competitive.ANS: BPTS: 1DIF: 1REF: 35-1TOP: Long-run Phillips curveMSC: Interpretive6.In the long run,

7、 the inflation rate depends primarily ona.the ability of unions to raise ernment spending.c.the money supply growth rate.d.the monopoly power of firms.ANS: CPTS: 1DIF: 2REF: 35-1TOP: InflationMSC: Definitional7.In the long run,a.the natural rate of unemployment depends primarily on the le

8、vel of aggregate demand.b.inflation depends primarily upon the money supply growth rate.c.there is a tradeoff between the inflation rate and the natural rate of unemployment.d.All of the above are correct.ANS: BPTS: 1DIF: 2REF: 35-1TOP: Long-run Phillips curveMSC: Interpretive8.There is aa.short-run

9、 tradeoff between inflation and unemployment.b.short-run tradeoff between the actual unemployment rate and the natural rate of unemployment.c.long-run tradeoff between inflation and unemployment.d.long-run tradeoff between the actual unemployment rate and the natural rate of unemployment.ANS: APTS:

10、1DIF: 1REF: 35-1TOP: Phillips curveMSC: Definitional9.If policymakers decrease aggregate demand, the price levela.falls, but unemployment rises.b.and unemployment fall.c.and unemployment rise.d.rises, but unemployment falls.ANS: APTS: 1DIF: 1REF: 35-1TOP: Short-run Phillips curve | Contractionary po

11、licyMSC: Analytical10.If policymakers increase aggregate demand, the price levela.falls, but unemployment rises.b.and unemployment fall.c.and unemployment rise.d.rises, but unemployment falls.ANS: DPTS: 1DIF: 1REF: 35-1TOP: Short-run Phillips curve | Expansionary policyMSC: Analytical11.In the short

12、 run, policy that changes aggregate demand changesa.both unemployment and the price level.b.neither unemployment nor the price level.c.only unemployment.d.only the price level.ANS: APTS: 1DIF: 1REF: 35-1TOP: Short-run equilibriumMSC: Applicative12.If the government raises government expenditures, in

13、 the short run, pricesa.rise and unemployment falls.b.fall and unemployment rises.c.and unemployment rise.d.and unemployment fall.ANS: APTS: 1DIF: 2REF: 35-1TOP: Fiscal policyMSC: Analytical13.If the central bank increases the money supply, in the short run, pricesa.rise and unemployment falls.b.fal

14、l and unemployment rises.c.and unemployment rise.d.and unemployment fall.ANS: APTS: 1DIF: 2REF: 35-1TOP: Expansionary policyMSC: Analytical14.Unemployment would decrease and prices increase ifa.aggregate demand shifted right.b.aggregate demand shifted left.c.aggregate supply shifted right.d.aggregat

15、e supply shifted left.ANS: APTS: 1DIF: 2REF: 35-1TOP: Short-run equilibriumMSC: Applicative15.If policymakers expand aggregate demand, then in the long runa.prices will be higher and unemployment will be lower.b.prices will be higher and unemployment will be unchanged.c.prices and unemployment will

16、be unchanged.d.None of the above is correct.ANS: BPTS: 1DIF: 2REF: 35-1TOP: Long-run aggregate supply | Expansionary policyMSC: Analytical16.If policymakers decrease aggregate demand, then in the long runa.prices will be lower and unemployment will be higher.b.prices will be lower and unemployment w

17、ill be unchanged.c.inflation and unemployment will be unchanged.d.None of the above is correct.ANS: BPTS: 1DIF: 2REF: 35-1TOP: Long-run aggregate supply | Contractionary policyMSC: Analytical17.In the long run, policy that changes aggregate demand changesa.both unemployment and the price level.b.nei

18、ther unemployment nor the price level.c.only unemployment.d.only the price level.ANS: DPTS: 1DIF: 2REF: 35-1TOP: Long-run Phillips curveMSC: Analytical18.In 2001, Congress and President Bush instituted tax cuts. According to the short-run Phillips curve this change should havea.reduced inflation and

19、 unemployment.b.raised inflation and unemployment.c.reduce inflation and raised unemployment.d.raised inflation and reduced unemployment.ANS: DPTS: 1DIF: 1REF: 35-1TOP: Short-run Phillips curveMSC: Applicative19.The short-run relationship between inflation and unemployment is often calleda.the Class

20、ical Dichotomy.b.Money Neutrality.c.the Phillips curve.d.the Keynesian cross.ANS: CPTS: 1DIF: 1REF: 35-1TOP: Phillips curveMSC: Definitional20.Phillips found aa.positive relation between unemployment and inflation in the United Kingdom.b.positive relation between unemployment and inflation in the Un

21、ited States.c.negative relation between unemployment and inflation in the United States.d.negative relation between unemployment and inflation in the United Kingdom.ANS: DPTS: 1DIF: 2REF: 35-1TOP: Phillips curveMSC: Definitional21.Phillips found a negative relation betweena.output and unemployment.b

22、.output and employment.c.wage inflation and output.d.wage inflation and unemployment.ANS: DPTS: 1DIF: 1REF: 35-1TOP: Phillips curveMSC: Definitional22.A. W. Phillips findings were based on dataa.from 1861-1957 for the United Kingdom.b.from 1861-1957 for the United States.c.mostly from the post-World

23、 War II period in the United Kingdom.d.mostly from the post-World War II period in the United States.ANS: APTS: 1DIF: 2REF: 35-1TOP: Phillips curveMSC: Definitional23.If the short-run Phillips curve were stable, which of the following would be unusual?a.an increase in government spending and a fall

24、in unemploymentb.an increase in inflation and a decrease in outputc.a decrease in the inflation rate and a rise in the unemployment rated.a decrease in the money supply and a rise in unemployment.ANS: BPTS: 1DIF: 2REF: 35-1TOP: Short-run Phillips curveMSC: Interpretive24.Samuelson and Solow reasoned

25、 that when aggregate demand was high, unemployment wasa.low, so there was upward pressure on wages and prices.b.low, so there was downward pressure on wages and prices.c.high, so there was upward pressure on wages and prices.d.high, so there was downward pressure on wages and prices.ANS: APTS: 1DIF:

26、 2REF: 35-1TOP: Phillips curveMSC: Analytical25.Samuelson and Solow reasoned that when aggregate demand was low, unemployment wasa.high, so there was upward pressure on wages and prices.b.high, so there was downward pressure on wages and prices.c.low, so there was upward pressure on wages and prices

27、.d.low, so there was downward pressure on wages and prices.ANS: BPTS: 1DIF: 2REF: 35-1TOP: Phillips curveMSC: Analytical26.Suppose that a central bank increases the money supply. According to the logic of the Phillips curve this should makea.prices, output, and employment rise.b.prices and output ri

28、se, employment fall.c.prices rise and output and employment fall.d.prices fall, output, and employment rise.ANS: APTS: 1DIF: 1REF: 35-1TOP: Phillips curveMSC: Analytical27.Suppose that the money supply increases. In the short run this increases employment according toa.both the short-run Phillips cu

29、rve and the aggregate demand and aggregate supply model.b.neither the short-run Phillips curve nor the aggregate demand and aggregate supply model.c.the short-run Phillips curve, but not the aggregate demand and supply model.d.the aggregate demand and aggregate supply model, but not the short-run Ph

30、illips curve.ANS: APTS: 1DIF: 2REF: 35-1TOP: Short-run Phillips curve | Aggregate demand and supplyMSC: Interpretive28.Suppose that the money supply increases. In the short run, this increases prices according toa.both the short-run Phillips curve and the aggregate demand and aggregate supply model.

31、b.neither the short-run Phillips curve nor the aggregate demand and aggregate supply model.c.the short-run Phillips curve, but not the aggregate demand and aggregate supply model.d.the aggregate demand and aggregate supply model but not the short-run Phillips curve.ANS: APTS: 1DIF: 2REF: 35-1TOP: Ph

32、illips curve | Aggregate demand and supplyMSC: Interpretive29.Samuelson and Solow believed that the Phillips curvea.implied that low unemployment was associated with low inflation.b.indicated that the aggregate supply and aggregate demand model was incorrect.c.offered policymakers a menu of possible

33、 economic outcomes from which to choose.d.All of the above are correct.ANS: CPTS: 1DIF: 2REF: 35-1TOP: Phillips curveMSC: Definitional30.The economy will move to a point on the short-run Phillips curve where unemployment is lower ifa.the inflation rate decreases.b.the government increases its expend

34、itures.c.the Fed decreases the money supply.d.None of the above is correct.ANS: BPTS: 1DIF: 1REF: 35-1TOP: Short-run Phillips curveMSC: Analytical31.Which of the following would we not expect if government policy moved the economy up along a given short-run Phillips curve?a.Ravi reads in the newspap

35、er that the central bank recently raised the money supply.b.Tony gets more job offers.c.Louis makes smaller increases in the prices at his health food store.d.Jessicas nominal wage increase is larger.ANS: CPTS: 1DIF: 1REF: 35-1TOP: Short-run Phillips curveMSC: Interpretive32.The government of Libert

36、ina considers two policies. Policy A would shift AD right by 200 units while policy B would shift AD right by 100 units. According to the short-run Phillips curve policy A will lead a.to a lower unemployment rate and a lower inflation rate than policy B.b.to a lower unemployment rate and a higher in

37、flation rate than policy B.c.to a higher unemployment rate and lower inflation rate than policy B.d.to a higher unemployment rate and higher inflation rate than policy B.ANS: BPTS: 1DIF: 1REF: 35-1TOP: Phillips curveMSC: AnalyticalUse the pair of diagrams below to answer the following questions.Figu

38、re 35-133.Refer to Figure 35-1. If the economy starts at c and 1, then in the short run, an increase in the money supply growth rate moves the economy toa.a and 1.b.b and 2.c.c and 3.d.None of the above is correct.ANS: BPTS: 1DIF: 2REF: 35-1TOP: Short-run Phillips curve | Aggregate demand and supply

39、MSC: Analytical34.Refer to Figure 35-1. If the economy starts at c and 1, then in the short run, an increase in government expenditures moves the economy toa.b and 2.b.b and 3.c.d and 3.d.None of the above is correct.ANS: APTS: 1DIF: 2REF: 35-1TOP: Short-run Phillips curve | Aggregate demand and sup

40、plyMSC: Analytical35.Refer to Figure 35-1. If the economy starts at c and 1, then in the short run, a decrease in taxes moves the economy toa.d and 2.b.d and 3.c.back to c and 1.d.None of the above is correct.ANS: DPTS: 1DIF: 2REF: 35-1TOP: Short-run Phillips curve | Aggregate demand and supplyMSC:

41、Analytical36.Refer to Figure 35-1. If the economy starts at c and 1, then in the short run, a decrease in aggregate demand moves the economy toa.a and 2.b.d and 3.c.e and 3.d.None of the above is correct.ANS: BPTS: 1DIF: 1REF: 35-1TOP: Short-run Phillips curve | Aggregate demand and supplyMSC: Analy

42、tical37.Refer to Figure 35-1. If the economy starts at c and 1, then in the short run, a decrease in the money supply moves the economy toa.e and 1.b.d and 2.c.d and 3.d.None of the above is correct.ANS: CPTS: 1DIF: 2REF: 35-1TOP: Short-run Phillips curve | Aggregate demand and supplyMSC: Analytical

43、38.Refer to Figure 35-1. If the economy starts at c and 1, then in the short run, a decrease in government expenditures moves the economy toa.d and 2b.d and 3.c.e and 3.d.None of the above is correct.ANS: BPTS: 1DIF: 2REF: 35-1TOP: Short-run Phillips curve | Aggregate demand and supplyMSC: Analytica

44、l39.Refer to Figure 35-1. If the economy starts at c and 1, then in the short run, an increase in taxes moves the economy toa.b and 2.b.d and 3.c.e and 2.d.None of the above is correct.ANS: BPTS: 1DIF: 2REF: 35-1TOP: Phillips curve | Aggregate demand and supplyMSC: Analytical40.In 1968, economist Mi

45、lton Friedman published a paper criticizing the Phillips curve on the grounds thata.it seemed to work for wages but not for inflation.b.monetary policy was ineffective in combating inflation.c.the Phillips curve did not apply in the long run.d.Phillips had made errors in collecting his data.ANS: CPT

46、S: 1DIF: 2REF: 35-1TOP: Inflation expectations | Phillips curveMSC: Definitional41.In the short runa.unemployment and inflation are positively related. In the long run they are largely unrelated problems.b.and in the long run inflation and unemployment are positively related.c.unemployment and infla

47、tion are negatively related. In the long run they are largely unrelated problems.d.and in the long run inflation and unemployment are negatively related.ANS: CPTS: 1DIF: 1REF: 35-1TOP: Phillips curveMSC: Definitional42.In the late 1960s, economist Edmund Phelps published a paper thata.argued that th

48、ere was no long-run tradeoff between inflation and unemployment.b.disproved Friedmans claim that monetary policy was ineffective in controlling inflation.c.showed the optimal point on the Phillips curve was at an unemployment rate of 5 percent and an inflation rate of 2 percent.d.argued that the Phi

49、llips curve was stable and that it would not shift.ANS: APTS: 1DIF: 1REF: 35-2TOP: Long-run Phillips curveMSC: Definitional43.Friedman and Phelps argueda.that in the long run, monetary growth did not influence those factors that determine the economys unemployment rate.b.that the Phillips curve coul

50、d be exploited in the long run by using monetary, but not fiscal policy.c.that the short-run Phillips curve was very steep, but not vertical.d.that there was neither a short-run nor long-run tradeoff between inflation and unemployment.ANS: APTS: 1DIF: 1REF: 35-2TOP: Long-run Phillips curveMSC: Defin

51、itional44.According to classical macroeconomic theory, in the long runa.monetary growth affects both real and nominal variables.b.the only real variable affected by monetary growth is the unemployment rate.c.a number of factors that affect unemployment are influenced by monetary growth.d.monetary gr

52、owth affects nominal but not real variables.ANS: DPTS: 1DIF: 1REF: 35-2TOP: Classical theoryMSC: Interpretive45.Milton Friedman argued that the Feds control over the money supply could be used to pega.the level or growth rate of a nominal variable, but not the level or growth rate of a real variable

53、.b.the level of a nominal or real variable, but not the growth rate of a real or nominal variable.c.the level or growth rate of a real variable, but not the level or growth rate of a nominal variable.d.both levels and growth rates of both real and nominal variables.ANS: APTS: 1DIF: 1REF: 35-2TOP: Lo

54、ng-run Phillips curveMSC: Interpretive46.Friedman argued that the Fed could use monetary policy to peg a rate fora.nominal exchange rates.b.real GDP.c.unemployment.d.None of the above is correct.ANS: APTS: 1DIF: 1REF: 35-2TOP: Long-run Phillips curveMSC: Interpretive47.In responding to the Phillips

55、curve hypothesis, Friedman argued that the Fed can peg thea.unemployment rate.b.inflation rate.c.growth rate of real national income.d.All of the above are correct.ANS: BPTS: 1DIF: 1REF: 35-2TOP: Long-run Phillips curveMSC: Interpretive48.In the long run, if the Fed decreases the rate at which it in

56、creases the money supply,a.inflation and unemployment will be higher.b.inflation will be higher and unemployment will be lower.c.inflation will be lower and unemployment will be higher.d.None of the above is correct.ANS: DPTS: 1DIF: 1REF: 35-2TOP: Long-run Phillips curveMSC: Analytical49.In the long run, if the Fed incr