What is the key variable that Friedman and Phelps added to the inflation-unemployment tradeoff analysis? a) Natural rate of unemployment b) Expected inflation c) Sticky wages d) Aggregate supply shocks
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- The alleged statistical relationship between the inflation and unemployment rates is most usually termed: (A) A Schumpeter curve; (B) A Phillips curve; (C) Stagflation. (D) A Keynes curve;Discuss the short-run tradeoff between inflation and unemployment.3. Problems and Applications Q3 Suppose that a rise in government purchases causes an expansion. On the following graph, shift one or both curves to reflect the short-run effect of the rise in government purchases. Price Level Inflation Rate In the short run, inflation Quantity of Output LRPC Aggregate Supply O Aggregate Demand Unemployment Rate On the following graph, shift a curve or adjust the point to reflect the short-run effect of the rise in government purchases. SRPC C and unemployment Aggregate Demand Aggregate Supply SRPC Short-Run Outcome ? LRPC Now suppose that over time, expected inflation changes in the same direction that actual inflation changes.
- differences between the mainstream/New Keynesian and the Post-Keynesian theory of medium run unemployment indicated by the NAIRU (non-accelerating inflation rate of unemployment)? What are the key policy implications of these theories in tackling unemployment?Which of the following is the most correct statement about the relationship between inflation and unemployment? Group of answer choices In the short run, falling inflation is associated with rising unemployment. In the long run, falling inflation is associated with rising unemployment. In the long run, falling inflation is associated with falling unemployment. In the short run, falling inflation is associated with falling unemployment. NextIdentify the correct statement: Select one: In the long run there is no significant trade off between inflation and unemployment All options are correct The Laffer curve shows a relationship between inflation and unemployment In the short run, there is no significant trade off between inflation and unemployment There exists a positive relationship between inflation and unemployment
- When the economy is at potential GDP the unexpected inflation rate is blank and the unemployment rate is equal to blank zero and potential output 2% and the non-accelerating inflation rate of unemployment 2% and cyclicalIn which of the following situations will demand pull inflation fall? a) Rising aggregate supply b) Reduced taxes c) Rising incomes d) Decreased imports e) Aggregate demand rising with aggregate supply lagsWhich of the below statements IS NOT CORRECT about the term "inflation" or its effect, as Charles Wheelan explains the term in this chapter? Group of answer choices Massive inflation (or, hyperinflation) distorts the economy, as workers rush to spend their cash before it becomes worthless. The most instructive way to think about inflation is not that prices are going up, but rather that the purchasing power of the dollar is going down. Inflation redistributes wealth arbitrarily, as unexpected bouts of inflation are good for debtors and bad for lenders. Inflation favors retired people with fixed incomes and increases the purchasing power of their income.
- Examine two sources of cost-push inflationExpectations of inflation are ____________ effective than/as actual inflation in ____________ production costs. a) less; increasing b) less; decreasing c) as; increasing d) as; decreasing e) more; increasingThere is no long-run trade-off between inflation and output because: Group of answer choices monetary policy makers will have adequately controlled unexpected inflation in the long run. fiscal policy makers will have adequately controlled unexpected inflation in the long run. in the short run, output and unemployment are not related. allowing inflation doesn't lead to sustainably higher output.
