For the classical economists, the quantity theory of money provided an explanation of movements in the price level. Changes in the price level result
A) from proportional changes in the quantity of money.
B) primarily from changes in the quantity of money.
C) only partially from changes in the quantity of money.
D) from changes in factors other than the quantity of money.
A
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When Social Security checks were first issued the nominal amount:
A. stayed the same for the life of the payments. B. regularly increased by 5 % every 3 months. C. regularly increased by 10 % every 3 years. D. stayed 3% above the poverty level for all recipients.
Cartels are difficult to maintain because: a. there are generally few barriers to entry in oligopoly markets. b. firms have a strong private incentive to cheat on agreements. c. it is difficult to enforce a cartel agreement
d. both (b) and (c).
Marginal cost is equal to average variable cost
A. when average variable cost is getting smaller. B. when average cost is getting smaller. C. when marginal cost is at its minimum value. D. when average variable cost is at its minimum value.
According to mainstream economists the basic determinant of real output, employment, and the price level is:
A. Information and people's expectations B. The level of aggregate expenditures C. The incentive to work, save, and invest D. The supply of money