According to the modern Keynesian view,
a. both the IS and the LM curve slopes are in the intermediate or normal range, where both monetary and fiscal policies are effective in controlling income.
b. only the IS curve slope is in the intermediate or normal range and, therefore, only fiscal policy is effective in controlling income.
c. only the LM curve slope is in the intermediate or normal range and, therefore, only monetary policy is effective in controlling income.
d. neither the IS nor the LM curve slopes are in the intermediate or normal range and, therefore, neither monetary nor fiscal policies are effective in controlling income.
Question 2
A measure of seignorage, in real terms, is ________.
A)
B) B + M
C) r
D) Y - T - C
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