The economist who proposed that, "Inflation is always and everywhere a monetary phenomenon" was
A) John Maynard Keynes.
B) John R. Hicks.
C) Milton Friedman.
D) Franco Modigliani.
C
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Which of the following statements is true?
A) All else equal, the incentive to look for a job is lower for an individual with a lower opportunity cost of time. B) All else equal, a worker who earned a higher income earlier but is now unemployed will have a lower opportunity cost of time than someone who had a lower income but is now unemployed. C) All else equal, a worker who earned a higher income earlier but is now unemployed will have the same opportunity cost of time than someone who had a lower income but is now unemployed. D) All else equal, the incentive to look for a job is higher for an individual with a lower opportunity cost of time.
How does rent control tend to cause persistent imbalances in the market for housing?
A. Quantity demanded exceeds quantity supplied but price cannot rise to remove the shortage. B. Quantity demanded exceeds quantity supplied but price cannot fall to remove the surplus. C. Quantity supplied exceeds quantity demanded but price cannot rise to remove the shortage. D. Quantity supplied exceeds quantity demanded but price cannot fall to remove the surplus.
Other things the same, if the price level rises, people
a. increase foreign bond purchases, so the supply of dollars in the market for foreign-currency exchange increases. b. increase foreign bond purchases, so the supply of dollars in the market for foreign-currency exchange decreases. c. decrease foreign bond purchases, so the supply of dollars in the market for foreign-currency exchange increases. d. decrease foreign bond purchases, so the supply of dollars in the market for foreign-currency exchange decreases.
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.