The causal link between money growth and inflation is most closely associated with
A) Jevons.
B) Kiyotaki and Wright.
C) Friedman and Schwartz.
D) Diamond and Dybvig.
C
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Refer to Figure 3-3. The figure above shows the supply and demand curves for two markets: the market for original Michelangelo sculptures and the market for Ray Ban sunglasses. Which graph most likely represents which market?
A) Graph A represents the market for original Michelangelo sculptures and Graph B represents the market for Ray Ban sunglasses. B) Graph B represents both the market for original Michelangelo sculptures and Ray Ban sunglasses. C) Graph B represents the market for original Michelangelo sculptures and Graph A represents the market for Ray Ban sunglasses. D) Graph A represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.
Identify the 3 curves in the above figure
A) (1 ) is long-run aggregate supply, (2 ) is short-run aggregate supply, (3 ) is aggregate demand. B) (1 ) is aggregate demand, (2 ) is short-run aggregate supply, (3 ) is long-run aggregate supply. C) (1 ) is short-run aggregate supply, (2 ) is long-run aggregate supply, (3 ) is aggregate demand. D) (1 ) is long-run aggregate supply, (2 ) is aggregate demand, (3 ) is short-run aggregate supply.
The construction of a price index is complicated by several factors, including changes in the quality of goods and services over time, the introduction of new products, and the disappearance of old, outmoded products
a. True b. False Indicate whether the statement is true or false
Suppose one Big Mac gives you a marginal utility of 500 and a second Big Mac gives you a marginal utility of 200. The total utility of buying (and eating) two Big Macs is:
A. 200. B. 700. C. 300. D. 500.