Part A:

If the Fed doubled the quantity of money, and nothing else changed, the price level would ______ in short run.

a. double

b. start to rise

c. fall rapidly

d. remain unchanged

Part B:

In the long run, the price level would _________ and the inflation rate would be ________ percent.

a. double ; 100

b. less than double ; 50

c. double ; 50

d. less than double ; 100