The budget line is a(n):
a. convex curve.
b. vertical line.
c. concave curve.
d. downward-sloping straight line.
e. upward-sloping straight line.
d
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In 2006, the Bank of Japan adopted a policy framework focusing on
A) expected inflation one to two years in the future. B) current inflation. C) maintaining a fixed exchange rate. D) the growth in the money supply.
An increase in the money supply in the Friedman-Lucas money surprise model
A) reduces aggregate output, raises the price level, and reduces the real interest rate. B) increases aggregate output, reduces the price level, and reduces the real interest rate. C) increases aggregate output, raises the price level, and reduces the real interest rate. D) reduces aggregate output, raises the price level, and raises the real interest rate.