1. If there is a long-run growth in potential real national income of 3 per cent per...
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1. If there is a long-run growth in potential real national income of 3 per cent per annum, what will be the long-run effect on prices if money supply rises by (a) 0 per cent; (b) 3 per cent; (c) 10 per cent per annum?
2. If, in the quantity theory of money, Y is growing, in what sense can it be said to be a ‘constant’?
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1 a Fall by 29 per cen...View the full answer
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