PLEASE ANSWER TO THIS QUESTION.

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QUESTION 1

REPLACE ANSWER BY THE REAL ANSWER

TheANSWER, (three words) also known as the market interest rate, refers to the average interest rate charged by commercial banks to firms and households.

QUESTION 2

REPLACE ANSWER BY THE REAL ANSWER

TheANSWER (three words) of unemployment shows us the rate at which inflation is constant. Also known as the 'natural' rate of unemployment.

QUESTION 3

Please match the following statements with their correct effect on the Phillips curve:

• An increase in the expected inflation rate. Answer CHOOSE BETWEEN: Upward shift / Downward shift/ Downward movement / Upward movement

An increase in the inflation rate. Answer CHOOSE BETWEEN: Upward shift / Downward shift/ Downward movement/ Upward movement

QUESTION 4

WhichONEof the following statements regarding monetary policy is correct?

Select one:

a.When interest rates go down, asset prices (for example, bond prices) go up.

b.Interest rates cannot be set in a currency union.

c.Quantitative easing involves the central bank lowering its official interest rate.

d.The zero lower bound refers to the central bank's inability to set the real interest rate to a value below zero.

QUESTION 5

REPLACE ANSWER BY THE REAL ANSWER

The fact that the nominal interest rate cannot be negative, thus setting an effective floor on the nominal rate is referred to as theANSWER (three words).

QUESTION 6

Figure 15.11 (below) shows an oil shock in the context of equilibrium in the labour market:Based on this information, whichONEof the following statements is correct?

Wage-setting curve A Price-setting curve Increase in oil price 2% = Bargaining gap B Price-setting curve (post-oil-shock) Real wage Employment, N Post-oil-shock labour market equilibrium Pre-oil-shock labour market equilibrium (inflation-stabilizing employment level)Wage-setting curve Real wage 2% = Bargaining gap Price-setting curve Employment, N Phillips curves C ; 7 Inflation (%) = bargaining gap (%) B 5 + Inflation rate, IT (%) Inflation (%) = bargaining gap (%) W + expected inflation (3%) expected inflation (5%) 0 U = 3% Employment, N Employment at labour market equilibrium, no bargaining gap (U = 6%)11 10 9 Inflation Inflation rate, TT (%) UT Expected inflation = last year's inflation Bargaining gap OH NW W 4 5 6 Years