In the Meetings of the Governing Council of the European

question 111

Multiple Choice

In the meetings of the Governing Council of the European Central Bank, formal votes are:

• A) taken and published immediately.
• B) not taken, since formal voting could get in the way of good policy.
• C) taken but not published for five years.
• D) taken and released two years after the meetings.

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Definitions:

Crude Quantity Theory

A simplified version of the quantity theory of money suggesting that an increase in money supply leads to a proportional increase in prices.

M

A symbol often representing money supply in economic discussions, including various measures like M1, M2, and M3.

Q

Quantity, frequently used in economic equations and discussions to denote the amount of goods produced or consumed.

PQ

The product of price (P) and quantity (Q), often used in economics to calculate total revenue or expenditure.