According to modern analysis, what is the link between the long-run growth rate of the money supply and inflation?
a. there is little correlation between money growth and inflation
b. there is a positive link between money growth and inflation, contrary to the quantity theory of money
c. there is a strong, positive link between rapid money growth and inflation
d. there is an inverse relationship between rapid money growth and inflation
C
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Off-budget expenditures are a recent phenomenon, originating during World War I
a. True b. False
Suppose a study showed that as the income of doctors increased, doctors spent more time on the golf course and less in the office. What would such a conclusion say about the relative sizes of substitution and income effects?
In the United States, all ozone-depleting substances were phased out by 2005 with the exception of
a. CFCs b. halons c. methyl bromide d. HCFCs e. none of the above
In this graph, where is the short-run profit-maximizing output located?
a. 0
b. C
c. q*
d. P*