"economics"exercise:Stagflation
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Questions 1:
Stagflation is best described as an economic situation involving high inflation and high:
A 、economic growth.
B、 aggregate supply.
C 、unemployment.
Questions 2:
Assume that the nominal spot exchange rate (USD/EUR) increases by 7.5%, the eurozone price level decreases by 4%, and the US price level increases by 2.5%. The change in the real exchange rate (%) is closest to:
A、 0.7%.
B、 –6.3%.
C、 14.8%.
C is correct. Declines in short-run aggregate supply bring about stagflation, an economic situation with a combination of high inflation and high unemployment.
A is incorrect. Stagflation, an economic situation with a combination of high inflation and high unemployment, will put downward pressure on GDP growth (low economic growth).
B is incorrect. Declines in short-run aggregate supply bring about stagflation.
A is correct.
B is incorrect because the change in the nominal exchange rate is not included: (1 – 4%)/(1 + 2.5%) – 1= –6.3%.
C is incorrect because the change in the price levels are inverted: [(1 + 7.5%) × (1 + 2.5%)[/(1 – 4%) – 1= 14.8%.
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