For both Keynesians and monetarists to predict accurately the effects of a change in the money supply on the price level, they need to add ____ to their analysis

The smallest single component of M1 is

A) other checkable deposits. B) traveler's checks. C) savings account balances. D) demand deposits.

Which of the following does not describe a characteristic of short-term economic fluctuations?

A. Expansions and recessions are irregular in length and severity. B. Durable-goods industries are less sensitive to short-term fluctuations than service and non-durable industries. C. Expansions and recessions are felt throughout the economy. D. The unemployment rate rises during recessions.