MankiwVille began the year in long-run equilibrium. The government of MankiwVille, in consultation with the country's central bank, subsequently announced in February that, with immediate effect, credit cards are considered illegal and may no longer be used when making purchases. The demand for money in MankiwVille has subsequently and the velocity of money_ If MankiwVille's central bank keeps the money supply constant, in the short run the price level will In the long run, the price level will Select one: a. increased; decreased; remain unchanged; decrease b. decreased; increased; remain unchanged; decrease c. decreased; increased; decrease; remain unchanged d. increased; decreased; increase; decrease

MankiwVille began the year in long-run equilibrium. The government of MankiwVille, in consultation with the country's central bank, subsequently announced in February that, with immediate effect, credit cards are considered illegal and may no longer be used when making purchases. The demand for money in MankiwVille has subsequently and the velocity of money_ If MankiwVille's central bank keeps the money supply constant, in the short run the price level will In the long run, the price level will Select one: a. increased; decreased; remain unchanged; decrease b. decreased; increased; remain unchanged; decrease c. decreased; increased; decrease; remain unchanged d. increased; decreased; increase; decrease

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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