Considering the price-elasticity of demand for wheat, we would expect that if the supply of wheat increases, other factors constant, then wheat farmers' total revenues would:

Which of the following policies is supported by the idea that producers and workers will demand higher prices and wages when they see the money supply expanding?

A. Discretionary policy B. Fixed rules C. The Fed's eclecticism D. Fiscal policy

Research indicates that the more independent the central bank,

A) the smaller the budget deficit. B) the higher the nominal interest rate. C) the lower the rate of inflation. D) the larger the time inconsistency problem in making policy. E) the greater the likelihood of a "war of attrition" over policy.