A shift to a more expansionary monetary policy will
a. increase the long-term growth rate of the economy.
b. reduce the future rate of inflation.
c. Stimulate output and employment almost immediately.
d. Stimulate output and employment, but only after a time lag that is generally long and variable.
D
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A market is classified as a monopsony when there is only one seller of the product
a. True b. False Indicate whether the statement is true or false
John Maynard Keynes and his followers argued that
a. the classical model does a good job of explaining the economy's operation in both the short run and long run b. the short run is unimportant so economists should focus their attention on the long run c. the economy should be allowed to function with minimal government interference d. the economy operates the same way in both the short run and long run e. while the classical model might explain economic performance in the long run, the long run could take a long time to reach