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Refer to Table 9.1At an output level of $1,200 billion, the level of aggregate expenditure is

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A member of​ Congress, who has never had an economics​ course, has just been placed on a Money and Banking Committee. The official needs a briefing prior to the first meeting concerning the role of the money supply in the economy. Which of the following statements should you insist that the official remember when entering the first committee​ meeting?A.There is an indirect relationship between the growth of the money supply and the price​ level; and a direct​ (but not​ perfect) relationship between the growth of the money supply and GDP growth.B.There is a​ direct, albeit​ loose, relationship between the growth of the money supply and the price​ level; and an indirect relationship between the growth of the money supply and GDP growth.C.There is an indirect relationship between the growth of the money supply and the price​ level; and an indirect relationship between the growth of the money supply and GDP growth.D.There is a​ direct, albeit​ loose, relationship between the growth of the money supply and the price​ level; and a direct relationship between the growth of the money supply and GDP growth.

Contractionary monetary policy by the Fed can be hampered byA.the ability of U.S. citizens and businesses to obtain dollars from foreign sources.B.the inability of U.S. citizens to hold U.S. bank accounts denominated in foreign currencies.C.international banking restrictions regulated by the International Monetary Fund.D.the increased isolation of central banks around the world.

Refer to the economy shown in the graph to the right. Suppose that there is an increase in oil prices.The​ short-run effect of this change on the economy isA.a leftward shift of the AD​ curve, and​ demand-pull inflation.B.a rightward shift of the SRAS​ curve, and​ cost-push inflation.C.a rightward shift of the AD​ curve, and​ demand-pull inflation.D.a leftward shift of the SRAS​ curve, and​ cost-push inflation.E.​none; changes in prices have no effect on the economy in the short run.

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