Question 1

Which of the following was the primary cause of the large increase in oil prices in the 1970s?

Accepted Answer

A) an increase in demand for oil 
B) a decrease in demand for oil 
C) a decrease in the supply of oil 
D) an increase in the supply of oil 
A) an increase in demand for oil 
B) a decrease in demand for oil 
C) a decrease in the supply of oil 
D) an increase in the supply of oil

Question 2

If policymakers expand aggregate demand, what happens to inflation and unemployment in the long run?

Accepted Answer

A) Inflation will be higher and unemployment will be lower. 
B) Inflation will be higher and unemployment will be unchanged. 
C) Inflation and unemployment will be unchanged. 
D) Both inflation and unemployment will be higher. 
A) Inflation will be higher and unemployment will be lower. 
B) Inflation will be higher and unemployment will be unchanged. 
C) Inflation and unemployment will be unchanged. 
D) Both inflation and unemployment will be higher.

Question 3

Which of the following characterizes the long-run Phillips curve?

Accepted Answer

A) Its position is determined primarily by monetary factors. 
B) If it shifts right, long-run aggregate supply shifts right. 
C) It cannot be changed by any government policy. 
D) Its position depends on the natural rate of unemployment. 
A) Its position is determined primarily by monetary factors. 
B) If it shifts right, long-run aggregate supply shifts right. 
C) It cannot be changed by any government policy. 
D) Its position depends on the natural rate of unemployment.

Which of the following was the primary cause of the large increase in oil prices in the 1970s?

If policymakers expand aggregate demand, what happens to inflation and unemployment in the long run?

Which of the following characterizes the long-run Phillips curve?

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, Investment, and the Financial System

Unemployment and Its Natural Rate

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

Five Debates Over Macroeconomic Policy

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Exam 16: The Short-Run Tradeoff Between Inflation and Unemployment

Which of the following was the primary cause of the large increase in oil prices in the 1970s?

If policymakers expand aggregate demand, what happens to inflation and unemployment in the long run?

Which of the following characterizes the long-run Phillips curve?

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, Investment, and the Financial System

Unemployment and Its Natural Rate

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

Five Debates Over Macroeconomic Policy

Filters