The Keynesian model agrees with monetarists and new classical models about the fact that
a. changes in the money supply drive most changes in aggregate demand.
b. aggregate supply is upward sloping because of differences between actual and expected price levels.
c. changes in aggregate demand drive business cycles.
d. Both b and c
e. None of the above
Question 2
Paper money helped colonists pay soldiers for services provided when specie was not available. This money was fiat money; it did not possess specie backing.
Indicate whether the statement is true or false
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