Reverse causation is the idea that
A. expected future increases in output cause increases in the current money supply.
B. current increases in output cause future increases in the money supply.
C. current increases in the money supply cause future increases in output.
D. expected future increases in the money supply cause increases in current output.
Answer: A
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The conditions for unaligned retailer and manufacturer incentives include
a. customers are familiar with the product before they shop for it b. retailers have no opportunity to educate consumers c. manufacturers are more efficient at education consumers d. demand for the product is increased with some consumer education
The role of platform firms is to
A) reduce the amount of market competition among sellers. B) lower transaction costs for buyers and sellers. C) reduce the level of voluntary exchanges in markets. D) reduce the amount of information in the price system.
Economists assume that when there is a change in supply and/or demand, the market clearing price returns to the equilibrium
A) quickly. B) slowly. C) after a protracted negotiation process. D) after an adjustment period.
The average growth rate of output in the U.S. economy since 1900 has been
A. 2.4%. B. 3.3%. C. 6.3%. D. 10.5%.