When the money supply declines by 10%, in the long run, output ________ and the price level ________
A) is unchanged; is unchanged
B) declines; falls
C) is unchanged; falls
D) declines; is unchanged
C
Economics
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The fraction, or percentage, of total income which is consumed is called the:
A. Break-even income B. Consumption schedule C. Marginal propensity to consume D. Average propensity to consume
Economics
If a product has only a few acceptable substitutes, demand for the product is most likely to be:
A. very inelastic. B. inelastic. C. elastic. D. very elastic.
Economics