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1、Chapter 35 The Short-Run Trade-off between Inflation and UnemploymentMultiple Choice 1.Closely watched indicators such as the inflation rate and unemployment are released each month by the a.Bureau of the Budget.b.Bureau of Labor Statistics.c.Department of the Treasury.d.Presidents Council of Econom
2、ic Advisors.ANS:B PTS:1 DIF:1 REF:35-1 TOP:Bureau of Labor Statistics MSC:Definitional 2.The misery index is calculated as the a.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 rat
3、e plus the long-run inflation rate.ANS:A PTS:1 DIF:1 REF:35-1 TOP:Misery index MSC:Definitional 3.The misery index is supposed to measure the a.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
4、unemployment.ANS:B PTS:1 DIF:1 REF:35-1 TOP:Misery index MSC:Definitional 4.One determinant of the natural rate of unemployment is the a.rate of growth of the money supply.b.minimum wage rate.c.expected inflation rate.d.All of the above are correct.ANS:B PTS:1 DIF:1 REF:35-1 TOP:Natural rate of unem
5、ployment MSC:Definitional 5.One determinant of the long-run average unemployment rate is the a.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 th
6、e money 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:B PTS:1 DIF:1 REF:35-1 TOP:Long-run Phillips curve MSC:Interpretive 6.In the long ru
7、n,the inflation rate depends primarily on a.the ability of unions to raise wages.b.government spending.c.the money supply growth rate.d.the monopoly power of firms.ANS:C PTS:1 DIF:2 REF:35-1 TOP:Inflation MSC:Definitional 7.In the long run,a.the natural rate of unemployment depends primarily on the
8、level 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:B PTS:1 DIF:2 REF:35-1 TOP:Long-run Phillips curve MSC:Interpretive 8.There is a a.short-
9、run 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:A PT
10、S:1 DIF:1 REF:35-1 TOP:Phillips curve MSC:Definitional 9.If policymakers decrease aggregate demand,the price level a.falls,but unemployment rises.b.and unemployment fall.c.and unemployment rise.d.rises,but unemployment falls.ANS:A PTS:1 DIF:1 REF:35-1 TOP:Short-run Phillips curve|Contractionary poli
11、cy MSC:Analytical 10.If policymakers increase aggregate demand,the price level a.falls,but unemployment rises.b.and unemployment fall.c.and unemployment rise.d.rises,but unemployment falls.ANS:D PTS:1 DIF:1 REF:35-1 TOP:Short-run Phillips curve|Expansionary policy MSC:Analytical 11.In the short run,
12、policy that changes aggregate demand changes a.both unemployment and the price level.b.neither unemployment nor the price level.c.only unemployment.d.only the price level.ANS:A PTS:1 DIF:1 REF:35-1 TOP:Short-run equilibrium MSC:Applicative 12.If the government raises government expenditures,in the s
13、hort run,prices a.rise and unemployment falls.b.fall and unemployment rises.c.and unemployment rise.d.and unemployment fall.ANS:A PTS:1 DIF:2 REF:35-1 TOP:Fiscal policy MSC:Analytical 13.If the central bank increases the money supply,in the short run,prices a.rise and unemployment falls.b.fall and u
14、nemployment rises.c.and unemployment rise.d.and unemployment fall.ANS:A PTS:1 DIF:2 REF:35-1 TOP:Expansionary policy MSC:Analytical 14.Unemployment would decrease and prices increase if a.aggregate demand shifted right.b.aggregate demand shifted left.c.aggregate supply shifted right.d.aggregate supp
15、ly shifted left.ANS:A PTS:1 DIF:2 REF:35-1 TOP:Short-run equilibrium MSC:Applicative 15.If policymakers expand aggregate demand,then in the long run a.prices will be higher and unemployment will be lower.b.prices will be higher and unemployment will be unchanged.c.prices and unemployment will be unc
16、hanged.d.None of the above is correct.ANS:B PTS:1 DIF:2 REF:35-1 TOP:Long-run aggregate supply|Expansionary policy MSC:Analytical 16.If policymakers decrease aggregate demand,then in the long run a.prices will be lower and unemployment will be higher.b.prices will be lower and unemployment will be u
17、nchanged.c.inflation and unemployment will be unchanged.d.None of the above is correct.ANS:B PTS:1 DIF:2 REF:35-1 TOP:Long-run aggregate supply|Contractionary policy MSC:Analytical 17.In the long run,policy that changes aggregate demand changes a.both unemployment and the price level.b.neither unemp
18、loyment nor the price level.c.only unemployment.d.only the price level.ANS:D PTS:1 DIF:2 REF:35-1 TOP:Long-run Phillips curve MSC:Analytical 18.In 2001,Congress and President Bush instituted tax cuts.According to the short-run Phillips curve this change should have a.reduced inflation and unemployme
19、nt.b.raised inflation and unemployment.c.reduce inflation and raised unemployment.d.raised inflation and reduced unemployment.ANS:D PTS:1 DIF:1 REF:35-1 TOP:Short-run Phillips curve MSC:Applicative 19.The short-run relationship between inflation and unemployment is often called a.the Classical Dicho
20、tomy.b.Money Neutrality.c.the Phillips curve.d.the Keynesian cross.ANS:C PTS:1 DIF:1 REF:35-1 TOP:Phillips curve MSC:Definitional 20.Phillips found a a.positive relation between unemployment and inflation in the United Kingdom.b.positive relation between unemployment and inflation in the United Stat
21、es.c.negative relation between unemployment and inflation in the United States.d.negative relation between unemployment and inflation in the United Kingdom.ANS:D PTS:1 DIF:2 REF:35-1 TOP:Phillips curve MSC:Definitional 21.Phillips found a negative relation between a.output and unemployment.b.output
22、and employment.c.wage inflation and output.d.wage inflation and unemployment.ANS:D PTS:1 DIF:1 REF:35-1 TOP:Phillips curve MSC:Definitional 22.A.W.Phillips findings were based on data a.from 1861-1957 for the United Kingdom.b.from 1861-1957 for the United States.c.mostly from the post-World War II p
23、eriod in the United Kingdom.d.mostly from the post-World War II period in the United States.ANS:A PTS:1 DIF:2 REF:35-1 TOP:Phillips curve MSC:Definitional 23.If the short-run Phillips curve were stable,which of the following would be unusual a.an increase in government spending and a fall in unemplo
24、yment b.an increase in inflation and a decrease in output c.a decrease in the inflation rate and a rise in the unemployment rate d.a decrease in the money supply and a rise in unemployment.ANS:B PTS:1 DIF:2 REF:35-1 TOP:Short-run Phillips curve MSC:Interpretive 24.Samuelson and Solow reasoned that w
25、hen aggregate demand was high,unemployment was a.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:A PTS:1 DIF:2 REF:35-1
26、TOP:Phillips curve MSC:Analytical 25.Samuelson and Solow reasoned that when aggregate demand was low,unemployment was a.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.d.low,so ther
27、e was downward pressure on wages and prices.ANS:B PTS:1 DIF:2 REF:35-1 TOP:Phillips curve MSC:Analytical 26.Suppose that a central bank increases the money supply.According to the logic of the Phillips curve this should make a.prices,output,and employment rise.b.prices and output rise,employment fal
28、l.c.prices rise and output and employment fall.d.prices fall,output,and employment rise.ANS:A PTS:1 DIF:1 REF:35-1 TOP:Phillips curve MSC:Analytical 27.Suppose that the money supply increases.In the short run this increases employment according to a.both the short-run Phillips curve and the aggregat
29、e 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 Phillips curve.ANS:A PTS
30、:1 DIF:2 REF:35-1 TOP:Short-run Phillips curve|Aggregate demand and supply MSC:Interpretive 28.Suppose that the money supply increases.In the short run,this increases prices according to a.both the short-run Phillips curve and the aggregate demand and aggregate supply model.b.neither the short-run P
31、hillips 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:A PTS:1 DIF:2 REF:35-1 TOP:Phillips curve|Aggregate dema
32、nd and supply MSC:Interpretive 29.Samuelson and Solow believed that the Phillips curve a.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 economic outcomes from whi
33、ch to choose.d.All of the above are correct.ANS:C PTS:1 DIF:2 REF:35-1 TOP:Phillips curve MSC:Definitional 30.The economy will move to a point on the short-run Phillips curve where unemployment is lower if a.the inflation rate decreases.b.the government increases its expenditures.c.the Fed decreases
34、 the money supply.d.None of the above is correct.ANS:B PTS:1 DIF:1 REF:35-1 TOP:Short-run Phillips curve MSC:Analytical 31.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 newspaper that the central bank r
35、ecently 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:C PTS:1 DIF:1 REF:35-1 TOP:Short-run Phillips curve MSC:Interpretive 32.The government of Libertina considers two policies
36、.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 inflation rate than policy B.c
37、.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:B PTS:1 DIF:1 REF:35-1 TOP:Phillips curve MSC:Analytical Use the pair of diagrams below to answer the following questions.Figure 35-1 33.Refer to Figure 3
38、5-1.If the economy starts at c and 1,then in the short run,an increase in the money supply growth rate moves the economy to a.a and 1.b.b and 2.c.c and 3.d.None of the above is correct.ANS:B PTS:1 DIF:2 REF:35-1 TOP:Short-run Phillips curve|Aggregate demand and supply MSC:Analytical 34.Refer to Figu
39、re 35-1.If the economy starts at c and 1,then in the short run,an increase in government expenditures moves the economy to a.b and 2.b.b and 3.c.d and 3.d.None of the above is correct.ANS:A PTS:1 DIF:2 REF:35-1 TOP:Short-run Phillips curve|Aggregate demand and supply MSC:Analytical 35.Refer to Figur
40、e 35-1.If the economy starts at c and 1,then in the short run,a decrease in taxes moves the economy to a.d and 2.b.d and 3.c.back to c and 1.d.None of the above is correct.ANS:D PTS:1 DIF:2 REF:35-1 TOP:Short-run Phillips curve|Aggregate demand and supply MSC:Analytical 36.Refer to Figure 35-1.If th
41、e economy starts at c and 1,then in the short run,a decrease in aggregate demand moves the economy to a.a and 2.b.d and 3.c.e and 3.d.None of the above is correct.ANS:B PTS:1 DIF:1 REF:35-1 TOP:Short-run Phillips curve|Aggregate demand and supply MSC:Analytical 37.Refer to Figure 35-1.If the economy
42、 starts at c and 1,then in the short run,a decrease in the money supply moves the economy to a.e and 1.b.d and 2.c.d and 3.d.None of the above is correct.ANS:C PTS:1 DIF:2 REF:35-1 TOP:Short-run Phillips curve|Aggregate demand and supply MSC:Analytical 38.Refer to Figure 35-1.If the economy starts a
43、t c and 1,then in the short run,a decrease in government expenditures moves the economy to a.d and 2 b.d and 3.c.e and 3.d.None of the above is correct.ANS:B PTS:1 DIF:2 REF:35-1 TOP:Short-run Phillips curve|Aggregate demand and supply MSC:Analytical 39.Refer to Figure 35-1.If the economy starts at
44、c and 1,then in the short run,an increase in taxes moves the economy to a.b and 2.b.d and 3.c.e and 2.d.None of the above is correct.ANS:B PTS:1 DIF:2 REF:35-1 TOP:Phillips curve|Aggregate demand and supply MSC:Analytical 40.In 1968,economist Milton Friedman published a paper criticizing the Phillip
45、s curve on the grounds that a.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:C PTS:1 DIF:2 REF:35-1 TOP:Inflation expectations|Phillips
46、 curve MSC:Definitional 41.In the short run a.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 inflation are negatively related.In the long run they are lar
47、gely unrelated problems.d.and in the long run inflation and unemployment are negatively related.ANS:C PTS:1 DIF:1 REF:35-1 TOP:Phillips curve MSC:Definitional 42.In the late 1960s,economist Edmund Phelps published a paper that a.argued that there was no long-run tradeoff between inflation and unempl
48、oyment.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 Phillips curve was stable and that it would not shift.ANS:A
49、PTS:1 DIF:1 REF:35-2 TOP:Long-run Phillips curve MSC:Definitional 43.Friedman and Phelps argued a.that in the long run,monetary growth did not influence those factors that determine the economys unemployment rate.b.that the Phillips curve could be exploited in the long run by using monetary,but not
50、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:A PTS:1 DIF:1 REF:35-2 TOP:Long-run Phillips curve MSC:Definitional 44.According to classical macroeconomic theory,in th