According to economist Benjamin Friedman, sustained economic growth can make people more willing to work toward improving the environment and reducing poverty
Indicate whether the statement is true or false
True
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The narrowest definition of money:
A. includes the things that can be used in transactions immediately. B. contains only cash and bank reserves held at the Fed. C. is referred to as hard money. D. All of these are true.
As with fiscal policy, monetary policy is also affected by the ________, _________ and ________ timing lags.
Fill in the blank(s) with the appropriate word(s).
If the equilibrium level of real Gross Domestic Product (GDP) is less than the full-employment real Gross Domestic Product (GDP) consistent with the position of the economy's long-run aggregate supply (LRAS) curve, then the difference between full-employment real Gross Domestic Product (GDP) and current equilibrium real Gross Domestic Product (GDP) is
A. an aggregate demand shock. B. a recessionary gap. C. an aggregate supply shock. D. an inflationary gap.
An increase in demand and an increase in supply will lead to
A) unambiguous increases in both price and quantity. B) unambiguous decreases in both price and quantity. C) an unambiguous increase in quantity, but the effect on price is indeterminate. D) an unambiguous increase in price, but the effect on quantity is indeterminate.