During the first 125 years of the United States,
a. there were no constitutional constraints on the spending of the federal government.
b. real spending per person by the federal government rose by a factor of 60.
c. most of the government spending was undertaken at the state and local levels.
d. most of the government spending was undertaken at the federal level.
C
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Cross country data illustrates that rapid expansion in the supply of money over a lengthy period of time (for example, a decade) leads to
a. rapid growth of real output. b. a low real rate of interest. c. high rates of inflation. d. an inflow of capital and a high rate of investment.
Contractionary monetary policy causes
A) aggregate demand to rise and the price level to rise. B) aggregate demand to fall and the price level to fall. C) aggregate demand to rise and the price level to fall. D) aggregate demand to fall and the price level to rise.