Answer the following statements true (T) or false (F)
1. An increase in the money supply always causes an increase in the price level.
2. The effect of a change in the money supply on economic activity may be offset by a change in velocity.
3. An increase in the velocity of money can have an effect similar to that of an increase in the money supply.
4. A government surplus may trigger a decline in the money supply.
5. If the CPI reads 150, prices have increased 50 percent since the base year.
1. FALSE
2. TRUE
3. TRUE
4. TRUE
5. TRUE
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Negative externalities and the tragedy of the commons are problems that have a common source. What is this common source?
A) a lack of competition B) self-interest motives of producers and consumers C) a lack of clearly-defined and enforced property rights D) an overabundance of resources
Explain the differences between patents and copyrights
What will be an ideal response?