The monetarists
a. focus on the role of money as being the most important variable impacting aggregate demand.
b. recommend a monetary rule which calls for a stable rate of growth in the money supply of approximately 3 to 5 percent annually.
c. recommend government balance its budget.
d. All of the above.
d. All of the above.
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Why are interest rates considered to be the opportunity cost of investments?
When continued for several years, rapid growth in the money supply relative to the growth of real output will likely lead to an extended period of
a. low unemployment. b. high inflation. c. low nominal interest rates. d. high rates of real economic growth.
Unemployment associated with industries where the demand for labour regularly rises and falls at different times of the year, is best described as:
(a) Cyclical unemployment. (b) Seasonal unemployment. (c) Frictional unemployment. (d) Real Wage unemployment.
Trees are considered:
A. a nonrenewable resource. B. physical capital. C. a renewable resource. D. technology.