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Click Clickon onthe thebutton buttontotogo gototothe theQuestion problem © 2013 Pearson The Short-Run Policy Tradeoff 31 CLICKER QUESTIONS © 2013 Pearson Click Clickon onthe thebutton buttontotogo gototothe theQuestion problem Checkpoint 31.1 Checkpoint 31.2 Checkpoint 31.3 Question 1 Question 5 Question 8 Question 2 Question 6 Question 9 Question 3 Question 7 Question 10 Question 4 © 2013 Pearson CHECKPOINT 31.1 Question 1 As the economy moves along the short-run Phillips curve and the unemployment rate increases, the inflation rate ________. A. B. C. D. E. decreases increases does not change initially decreases and then increases initially increases and then decreases © 2013 Pearson CHECKPOINT 31.1 Question 2 If real GDP exceeds potential GDP, then employment is ____ full employment, and the unemployment rate ____ the natural unemployment rate. A. below; exceeds B. equal to; is less than C. above; is less than D. above; exceeds E. equal to; equal to © 2013 Pearson CHECKPOINT 31.1 Question 3 According to Okun’s Law, if the natural unemployment rate is 5 percent, the actual unemployment rate is 4 percent, and potential GDP is $10 trillion, then actual real GDP is _______. A. B. C. D. E. $12 trillion $11 trillion $9.6 trillion $10.4 trillion $10.2 trillion © 2013 Pearson CHECKPOINT 31.1 Question 4 When a movement up along the aggregate supply curve occurs, there is also _________. A. a movement down along the short-run Phillips curve B. a movement up along the short-run Phillips curve C. a rightward shift of the short-run Phillips curve D. a leftward shift of the short-run Phillips curve E. neither a movement along nor a shift in the short-run Phillips curve © 2013 Pearson CHECKPOINT 31.2 Question 5 When the expected inflation rate ____, the short-run Phillips curve ____. A. falls; shifts upward B. rises; shifts upward C. rises; shifts downward D. falls; does not shift E. rises; might shift upward or downward depending on how the long-run Phillips curve shifts © 2013 Pearson CHECKPOINT 31.2 Question 6 The natural rate hypothesis states that changes in the ________. A. natural unemployment rate bring a temporary change in the inflation rate B. inflation rate temporarily change the unemployment rate C. unemployment rate exceed changes in the inflation rate D. the unemployment rate are less than changes in the natural unemployment rate E. the inflation rate temporarily change the natural unemployment rate © 2013 Pearson CHECKPOINT 31.2 Question 7 If the natural unemployment rate decreases, then the shortrun Phillips curve ____ and the long-run Phillips curve ____. A. does not shift; shifts leftward B. shifts leftward; shifts rightward C. shifts rightward; shifts leftward D. shifts leftward; shifts leftward E. shifts leftward; does not shift © 2013 Pearson CHECKPOINT 31.3 Question 8 A surprise reduction of inflation will ________. A. B. C. D. E. raise the expected inflation rate increase real GDP create a recession decrease the natural unemployment rate eventually shift in the short-run Phillips curve downward © 2013 Pearson CHECKPOINT 31.3 Question 9 A credible announced inflation reduction results in ____ natural unemployment rate and ____ shift in the short-run Phillips curve. A. a higher; an upward B. a lower; an upward C. no change in the; an upward D. no change in the; a downward E. no change in the; no © 2013 Pearson CHECKPOINT 31.3 Question 10 In 1981, the Fed _____. A. created a surprise inflation reduction policy and created an expansion B. created a surprise inflation reduction policy and created a recession C. credibly announced an inflation reduction policy and created a recession D. credibly announced an inflation reduction policy and created an expansion E. took no action so that the inflation rate skyrocketed © 2013 Pearson
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