1. The early classical economists thought that the velocity of money was constant and that real output...

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1. The early classical economists thought that the velocity of money was constant and that real output was independent of monetary factors. Therefore, an increase in the stock of money meant proportional increase in prices.

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Macroeconomics Private And Public Choice

ISBN: 9780123110701

2nd Edition

Authors: James D Gwartney; Richard Stroup; A H Studenmund

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Question Posted: Oct 25, 2024 09:08 AM

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1. The early classical economists thought that the velocity of money was constant and that real output...

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Macroeconomics Private And Public Choice

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