Sec 35.2 MC Shifts in the Phillips Curve The Role of Expectations

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1、1. In1968,economistMiltonFriedmanpublishedapapercriticizingthePhillipscurveonthegroundsthat a. itseemedtoworkforwagesbutnotforinflation. b. monetarypolicywasineffectiveincombatinginflation. c. thePhillipscurvedidnotapplyinthelongrun. d. Phillipshadmadeerrorsincollectinghisdata.ANSWER:  cDIFFI

2、CULTY:  ModerateREFERENCES:  ShiftsinthePhillipsCurve:TheRoleofExpectationsLEARNING OBJECTIVES:  ECON.MANK.102-Examinethetrade-offbetweeninflationandunemployment.TOPICS:  MacroeconomicmodelsPhillipscurveKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  001.35.2-MC-MANK082. Inthelate1960s,economistEdmun

3、dPhelpspublishedapaperthat a. arguedthattherewasnolong-runtradeoffbetweeninflationandunemployment. b. disprovedFriedman'sclaimthatmonetarypolicywaseffectiveincontrollinginflation. c. showedtheoptimalpointonthePhillipscurvewasatanunemploymentrateof5percentandaninflationrateof2percent. d. argue

4、dthatthePhillipscurvewasstableandthatitwouldnotshift.ANSWER:  aDIFFICULTY:  EasyREFERENCES:  ShiftsinthePhillipsCurve:TheRoleofExpectationsLEARNING OBJECTIVES:  ECON.MANK.102-Examinethetrade-offbetweeninflationandunemployment.TOPICS:  MacroeconomicmodelsPhillipscurveKEYWORDS:  BLOOM'S:Knowled

5、geCUSTOM ID:  002.35.2-MC-MANK083. Inthelate1960s,MiltonFriedmanandEdmundPhelpsarguedthat a. thetrade-offbetweeninflationandunemploymentdidnotapplyinthelongrunThisclaimisconsistentwithmonetaryneutralityinthelongrun. b. thetrade-offbetweeninflationandunemploymentdidnotapplyinthelongrun.Thiscla

6、imisinconsistentwithmonetaryneutralityinthelongrun. c. thetrade-offbetweeninflationandunemploymentappliedinboththeshortrunandthelongrun.Thisclaimisconsistentwithmonetaryneutralityinthelongrun. d. thetrade-offbetweeninflationandunemploymentappliedinboththeshortrunandthelongrun.Thisclaimisincon

7、sistentwithmonetaryneutralityinthelongrun.ANSWER:  aDIFFICULTY:  ModerateREFERENCES:  ShiftsinthePhillipsCurve:TheRoleofExpectationsLEARNING OBJECTIVES:  ECON.MANK.102-Examinethetrade-offbetweeninflationandunemployment.TOPICS:  Macroeconomicm