According to the Quantity Theory of Money, in the Long

question 301

True/False

According to the quantity theory of money, in the long run, an increase in the quantity of money does not change real GDP but does raise the price level.

---

Definitions:

Thorndike

Edward Thorndike was an American psychologist whose work on animal behavior and the learning process led to the theory of connectionism and helped lay the scientific foundation for modern educational psychology.

Fear of Heights

Also known as acrophobia, it is an anxiety disorder characterized by an extreme fear of high places.

Ladder

A piece of equipment consisting of a series of bars or steps between two upright lengths of wood, metal, or rope, used for climbing up or down.

Premack

A principle positing that more probable behaviors can serve as reinforcers for less probable behaviors.