Which View of the Macro Economy Holds That Since the Long-Run

question 272

Multiple Choice

Which view of the macro economy holds that since the long-run growth of real GDP is 3%, the money supply should grow at 3%?

• A) classical
• B) Keynesian
• C) monetarist
• D) Great Moderation consensus

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Definitions:

Latent Learning

Learning that occurs without obvious reinforcement and is not demonstrated until there is motivation to do so.

Unreinforced Learning

Learning that occurs without any specific feedback or reinforcement for responses or behaviors.

Extinction

Within psychology, the process where a conditioned response slowly diminishes and eventually ceases when the connection between the conditioned stimulus and the unconditioned stimulus is no longer made.

Instinctive Drift

The tendency of an animal to revert to instinctive behaviors that interfere with learned responses.