According to institutionally-focused economists,
A. asset inflation is a phenomenon that cannot occur.
B. the direction of causation goes from MV to PQ.
C. inflation is double the rise in money supply.
D. price-setting conventions by institutions are the source of inflation.
Answer: D
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Legally established titles to ownership, use, and disposal of factors of production and goods and services, are called ________ rights
A) government B) pollution C) property D) inefficient E) private
When Lonnie produces 1 pair of cowboy boots his costs total $300. When he produces 2 pairs of cowboy boots his total costs are $500. This means that Lonnie's marginal cost of producing the second pair of cowboy boots is $200.
Answer the following statement true (T) or false (F)
The federal budget deficit can be reduced by
A) raising taxes. B) raising government spending. C) raising transfer payments. D) higher interest rates.