Multiple Choice
Classical economist David Hume observed that as the money supply expanded after gold discoveries
A) prices and output both increased immediately.
B) prices increased immediately while output remained unchanged.
C) it took time for prices to rise;in the meantime output was lower.
D) it took time for prices to rise;in the meantime output was higher.
Correct Answer:

Verified
Correct Answer:
Verified
Q28: The variables on the vertical and horizontal
Q29: Aggregate demand includes<br>A)only the quantity of goods
Q30: "Money is a veil" best describes the<br>A)new-Keynesian
Q31: The model of aggregate demand and aggregate
Q32: Which of the following would not be
Q33: The aggregate demand and aggregate supply graph
Q34: The average price level is measured by<br>A)the
Q35: Most economists believe that in the short
Q38: The aggregate demand and aggregate supply graph
Q83: Aggregate demand includes<br>A)the quantity of goods and