Monetarists believe that an increase in the money supply will raise both Real GDP and the price level in the short run, and will only raise Real GDP in the long run
Indicate whether the statement is true or false
False
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Which statement best illustrates the concept of diminishing marginal utility?
A. Some consumers will receive less satisfaction from consuming pizza than from consuming hamburgers. B. As one consumes more slices of pizza for lunch, one would be willing to pay a higher price for additional slices. C. A typical consumer will receive less satisfaction from consuming the third slice of pizza for lunch than from the second slice. D. A decrease in the price of slices of pizza will cause consumers to buy more slices for lunch, because they can afford to buy more.
When a price floor is binding, is the price floor set above or below the market equilibrium price?
Economics is a part of the
A. hard sciences. B. social sciences. C. natural sciences. D. biological sciences.
A monopsonist faces a constant elasticity of labor supply of 1.5. If the monopsonist pays $15 per hour, its marginal expenditure equals
A) $15. B) $25. C) $7. D) 25%.