When Milton Friedman said that "inflation is always and everywhere a monetary phenomenon," he was referring to
A) one-shot inflation.
B) continued inflation.
C) a and b
D) neither a nor b
B
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Corporations are legally owned by their board of directors
Indicate whether the statement is true or false
Fashion trends are a nonprice determinant for demand because
A) they cause a movement along the demand curve. B) they influence people's tastes and preferences in clothing. C) they change the supply of accessories. D) they do not affect demand.
Monetary policy is
A. minting coins and printing Federal Reserve notes. B. manipulating interest rates, credit conditions, and the money supply. C. manipulating government expenditures and tax revenues. D. regulating the United States dollar price of gold.
Which of the following best expresses the law of diminishing returns?
A. Population growth automatically adjusts to that level at which the average product per worker will be at a maximum. B. Because large-scale production allows the realization of economies of scale, the real costs of production vary directly with the level of output. C. As successive amounts of one resource (labor) are added to fixed amounts of other resources (capital), beyond some point the resulting extra output will decline. D. Proportionate increases in the inputs of all resources will result in a less-than-proportionate increase in total output.