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41) The Phillips curve shows the relationship between A) real and

Question : 41) The Phillips curve shows the relationship between A) real and

41) The Phillips curve shows the relationship between

A) real and nominal interest rates.

B) real and nominal GDP.

C) money prices and aggregate economic activity.

D) procyclical and countercyclical variables.

E) lagging an leading variables.

42) One example of a Phillips Curve would be a

A) positive relationship between deviations from trend in real and nominal interest rates.

B) negative relationship between deviations from trend in real and nominal interest rates.

C) positive relationship between deviations from trend in the level of a money price (the wage rate) prices and the level of aggregate economic activity.

D) negative relationship between deviations from trend in the level of prices and the level of aggregate economic activity.

E) positive relationship between deviations from trend in the level of prices and the level of aggregate economic activity.

43) A reverse Phillips Curve would consist of a

A) positive relationship between deviations from trend in real and nominal interest rates.

B) negative relationship between deviations from trend in real and nominal interest rates.

C) positive relationship between deviations from trend in the level of prices and the level of aggregate economic activity.

D) negative relationship between deviations from trend in the level of prices and the level of aggregate economic activity.

E) relationship between lagging and leading indicators.

44) For the period 1961-2011 in Canada, the price level was

A) countercyclical.

B) bicyclical.

C) procyclical.

D) acyclical.

E) leading.

45) For the period 1961-2011 in Canada, the price level

A) was uncorrelated with real GDP.

B) led changes in real GDP.

C) was acyclical.

D) lagged changes in real GDP.

E) was coincident with changes in real GDP.

46) In their study on business cycles, Backus and Kehoe found

A) correlations amongst real economic variables differed greatly among countries.

B) price level was consistently procyclical.

C) no consistent correlations amongst economic variables.

D) price level was consistently countercyclical.

E) correlations amongst real economic variables were similar across countries and over time.

47) The observation that the money supply is procyclical and leading the level of aggregate economic activity is most closely associated with

A) Lucas and Friedman.

B) Friedman and Schwartz.

C) Kydland and Prescott.

D) David Runkle.

E) Keynes.

48) For the period 1961-2011 in Canada, the money supply was

A) procyclical and leading.

B) procyclical and lagging.

C) countercyclical and leading.

D) countercyclical and lagging.

E) coincident.

49) The Great Moderation is a period of reduced variability in real GDP that

A) applies well to the experience in the U.S. from 1980-2007, but less so in Canada.

B) applies well to the experience in Canada from 1980-2007, but less so in the U.S.

C) was perceived to have occurred but really did not.

D) applies well to the experience in the U.S. and Canada from 1940-1980.

E) applies well to the experience in Canada since 2010, but less so in the U.S.

50) The Great Moderation best applies to the behaviour of which series in Canada?

A) stock prices

B) real GDP

C) investment

D) inflation

E) no


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