Which school of thought believes that recessions are the result of inappropriate monetary policy?
A) only classical
B) only Keynesian
C) Monetarist
D) both Keynesian and classical
C
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The "law of demand" states that, other thing remaining the same, the higher
A) the price of a good, the lower is the demand for this good. B) consumers' incomes, the greater is the demand. C) the price of a good, the higher is the quantity demanded. D) the price of a good, the smaller is the quantity demanded.
The Federal Open Market Committee consists of
A) 12 members, each of which is the president of one of the 12 regional Federal Reserve banks. B) the seven members of the Board of Governors , the Chairman of the Fed, the U.S. Treasury Secretary, and the president of the Federal Reserve Bank of New York. C) the chairman of the Fed, the chairman of the president's council of economic advisors, the U.S. Treasury Secretary, and 4 of the 12 Federal Reserve Bank presidents who serve on a rotating basis. D) the seven members of the Board of Governors , the president of the Federal Reserve Bank of New York, and 4 other Federal Reserve Bank presidents.
According to _________, liberal programs survive attempts by conservative administrations to eliminate them because of the "tyranny of the status quo."
a. Arthur Schlesinger, Jr. b. Wagner's Law c. Milton and Rose Friedman d. Robert Higgs
Which is NOT considered money?
A. Checking account balances B. Debit cards C. Currency and coin D. Traveler's checks issued by non-banks