Say's law
A) explains the role of money.
B) deals with interest rates, employment, and production.
C) was accepted and praised by John Maynard Keynes.
D) None of the above.
B
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The magnitude of the slope of the budget line is determined by
A) the marginal rate of substitution. B) the level of income. C) the consumer's preferences for the goods. D) relative prices.
If the nation's economy were always on its long-run growth path, then unemployment would be equal to
A) the natural rate of unemployment. B) frictional unemployment. C) cyclical unemployment. D) structural unemployment.
In its earliest years, the Federal Reserve's guiding principle for the conduct of monetary policy was known as the
A) real bills doctrine. B) liberal liquidity doctrine. C) free reserves doctrine. D) quantity theory of money.
Describe how changes in tastes affect the value of a nation’s currency.
What will be an ideal response?