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According to the classical dichotomy,which of the following is influenced by monetary factors?


A) the real wage
B) the real interest rate
C) the nominal wage
D) All of the above are correct.

E) C) and D)
F) All of the above

Correct Answer

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If the Fed increases the money supply,the equilibrium value of money decreases and the equilibrium price level must increase.

A) True
B) False

Correct Answer

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Inflation induces people to spend more resources maintaining lower money holdings.The costs of doing this are called shoeleather costs.

A) True
B) False

Correct Answer

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The velocity of money is


A) the rate at which the Fed puts money into the economy.
B) the same thing as the long-term growth rate of the money supply.
C) the money supply divided by nominal GDP.
D) the average number of times per year a dollar is spent.

E) A) and B)
F) None of the above

Correct Answer

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