The classical theory of inflation
a. is also known as the quantity theory of money.
b. was developed by some of the earliest economic thinkers.
c. is used by most modern economists to explain the long-run determinants of the inflation rate.
d. All of the above are correct.
d
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Refer to Scenario 15.3. $X would be higher if Ms. Querty's
A) income and the interest rate were higher. B) income and the interest rate were lower. C) income were higher and the interest rate were lower. D) income were lower and the interest rate were higher. E) mortality rate and growth in income were lower.
In the aggregate expenditures model, if an economy operates above equilibrium GDP, there will be:
a. unplanned inventory accumulation. b. unplanned inventory depletion. c. an increase in GDP. d. an increase in employment.