To the Extent That Monetary Policy Is Fully Anticipated by Workers

Multiple Choice

To the extent that monetary policy is fully anticipated by workers and firms, it has _____

A) no effect on the level of output; it affects only the price level.
B) an effect on the level of output; it affects the price level.
C) no effect on the level of output; it affects only employment.
D) an effect on the level of output; it affects employment.
E) no effect on the level of output; it affects only output.