\fQuestion 12 (1 point) J Saved If consumers suddenly became more optimistic ________ . O a) they would spend more at any given ination rate G) b) planned expenditures would decline O c) the aggregate demand curve would shift to the left 0 d) none of the above apply Question 13 (1 point) If we were to consider the COVlD-19 pandemic to be a permanent negative supply shock, then the economy ________ . O a) in the long-run, the output gap returns to zero only if the central bank raises interest rates 0 b) the long-run equilibrium level of output depends on whether and how the central bank responds O c) there is no permanent effect on ination if the central bank raises interest rates 0 d) all of the above Question 14 (1 point) The 2016 CPP reforms will benefit _ Canadians the most, and also do for Canadians who collect few or no CPP benefits, because they worked most of their lives as homemakers, for example. O a) older; little O b) older; more O c) younger; more O d) younger; littleQuestion 15 (1 point) The \"virtuous mutual impact\" of Canadian monetary and scal authorities is to O a) address the lack of poor data 0 b) commit to a high debt-to-GDP ratio 0 c) provide a good degree of macroeconomic stabilization Q d) ensure interest rates are relatively low Q e) commit to a low debt-to-GDP ratio Question 16 (1 point) By 1979, both the inflation and unemployment rates were higher than during most of the 1950s, 60s and early 70s. The BoC implemented an autonomous tightening of monetary policy that resulted in disinflation which was successful in bringing both problems under control. What would have been a likely long-run result had the BoC conducted an expansionary monetary policy instead? a) Eventually, inflation would have been made worse and unemployment would not have been fixed. ( b) Eventually, both the inflation and unemployment rates would have declined. O c) Eventually, inflation would have been fixed and unemployment would have been made worse. Od) There would have been no effect on the unemployment and inflation rates. O e) None of the above