When Milton Friedman said that inflation is always and everywhere a monetary phenomenon, he was referring to
A) one-shot inflation
B) supply-induced inflation
C) continued inflation
D) hyperinflation (high rates of inflation)
E) all kinds of inflation
C
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Explain what will happen when the government imposes a maximum price that is above the market equilibrium price. Why is this true?
What will be an ideal response?
Which level indicates the point of maximum economic efficiency?
A) lowest point on AC curve B) lowest point on AVC curve C) lowest point on MC curve D) None of the above
For Country A, the world price of textiles exceeds the domestic equilibrium price of textiles. As a result, international trade allows sellers of textiles in Country A to experience greater producer surplus than they otherwise would experience
a. True b. False Indicate whether the statement is true or false
Which of the following is false?
A. The poverty rate among whites is greater than the poverty rate among blacks. B. The poverty rate among women is greater than the poverty rate among men. C. The poverty rate among Hispanics is greater than the poverty rate among whites. D. The poverty rate among the elderly is greater than the poverty rate among children.