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Question 12 / 2 ptsMenu costs of inflation are costs arising from<br>Menu costs of inflation are costs arising from the failure to fully index the tax system for inflation. Correct! the need for firms to change prices during times of inflation. attempts by households and firms to avoid paying an inflation tax on money balances. high nominal interest rates. Question 22 / 2 ptsExpansionary shifts of the aggregate demand curve<br>Expansionary shifts of the aggregate demand curveCorrect! can originate in either the assets market or the goods market. cannot originate in either the assets market or the goods market. can originate in the goods market, but not the assets market. can originate in the assets market, but not the goods market. Question 32 / 2 ptsDespite its costs, governments typically resist eliminating inflation because<br>Despite its costs, governments typically resist eliminating inflation because the increase in menu costs because of inflation increases the governments’ tax revenues. Correct! doing so would result in lost output and jobs when the economy is near full employment. governments lack the knowledge of how to eliminate inflation. as net lenders, governments benefit from inflation. Question 40 / 2 ptsAccording to new Keynesians, which of the following is NOT an important source of price stickiness?<br>According to new Keynesians, which of the following is NOT an important source of price stickiness? Long-term nominal wage contracts You Answered Imperfect competition among sellers in the goods market Long-term nominal price contracts Correct Answer Government wage and price controls Question 50 / 2 ptsIn the quantity theory of money demand,<br>In the quantity theory of money demand, the demand for real balances is determined by the price level. You Answered velocity is assumed to vary with the price level. the price level is assumed to be constant. Correct Answer velocity is assumed to be constant. Question 62 / 2 ptsWhich of the following best describes a price taker?<br>Which of the following best describes a price taker? Firms taking the aggregate price level as given Prices being set by long-term contracts Price strategies found in monopolistically competitive markets Correct! A firm taking the market price as given Question 72 / 2 ptsMilton Friedman and Anna Schwartz found in their study of money and business cycles from the Civil War to 1960 that<br>Milton Friedman and Anna Schwartz found in their study of money and business cycles from the Civil War to 1960 that there is no consistent relationship between money and output over the business cycle. the growth rate of the money supply rises before output declines in every business cycle. the growth rate of the money supply falls before output declines during some business cycles and rises before output declines during other business cycles. Correct! the growth rate of the money supply falls before output declines in every business cycle. Question 82 / 2 ptsDemand-pull inflation results from<br>Demand-pull inflation results fromCorrect!
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