If the movements of the level of the money supply and real output are perfectly coordinated the growth rate of money
A) will lead the level of real output.
B) will move in synchronization with the level of real output.
C) will lag the level of real output.
D) can either lead or lag the level of real output.
42) The monetarist statistical evidence examines the correlations between both ________ and ________ with ________.
A) money; aggregate spending; the unemployment rate
B) money; autonomous expenditures; the unemployment rate
C) money; consumption spending; aggregate spending
D) money; autonomous expenditures; aggregate spending
43) A criticism of the monetarist autonomous spending variable is that
A) some types of autonomous spending do not affect aggregate demand.
B) some types of autonomous spending affect aggregate demand before the spending occurs. Some types of autonomous spending affect aggregate demand when they occur.
C) some types of autonomous spending affect aggregate demand only long after they occur.
D) Keynesians do not think that autonomous spending affects aggregate demand.
44) One of the best examples of an episode in which a change in monetary policy appears to have been an exogenous event is the ________ in reserve requirements in ________.
A) increase; 1936-1937
B) decrease; 1936-1937
C) decrease; 1818-1819
D) increase; 1818-1819
45) The monetarist position on the importance of monetary policy is probably best supported by ________ evidence.
46) The monetarist ________ evidence in which declines in money growth are followed by recessions provides the strongest support for their position that monetary policy matters.
47) As a result of recent empirical research, there has been a convergence of Keynesian and monetarist opinion to the view that
A) money is all that matters.
B) money does matter.
C) money does not matter.
D) fiscal policy is all that matters.
48) Real business cycle theorists are critical of monetarist reduced-form evidence because they believe
A) money is the most important cause of changes in aggregate demand.
B) there is reverse causation from the business cycle to money.
C) there is reverse causation from money to the business cycle.
D) business cycles do not exist.
49) Real business cycle theory states that the most important cause of business cycles is
A) shocks to the money supply.
B) interest rate shocks.
C) Federal Reserve policy decisions.
D) shocks to tastes and technology.
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