The proposition that the amount of goods and services produced in an economy in the long run is not affected by the price level is known as the ________
A) neutrality of money
B) classical dichotomy
C) quantity theory of money
D) Fisher effect
E) none of the above
B
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The Social Security tax structure in the United States is regressive in nature
a. True b. False Indicate whether the statement is true or false
The fallacy of composition is the incorrect view that
a. everything else is always held constant when a change occurs. b. a small change in an economic variable will have unrecognizable but significant consequences on the economy. c. when two events are associated, the one observed first must have caused the second. d. if something is true for an individual, then it must also be true for the group.
The consumer price index for the current year measures the cost of a standard basket in the ________ year relative to the cost of the same basket in the ________ year.
A. base; current B. current; current C. base; index D. current; base
There are outputs for which ________ costs exceed ________ costs in the short run.
A) total fixed; total B) average variable; average total C) total variable; total D) average total; average variable