According to Friedman, changes in the level of aggregate demand
a. are dominated by changes in the supply of money.
b. cause the levels of output and employment to deviate from their natural rate for short periods of time.
c. can cause movements of the economy away from the natural rate for at least 2 years.
d. are dominated by changes in the demand for money.
e. Both a and b.
Question 2
After the inflation of the Johnson-Nixon-Ford years (19631976), the Carter Administration, while still inflationary, managed to slow down the rate of advancing prices.
Indicate whether the statement is true or false
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