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12
The Moderate Contraction stance was held by democrats, which anticipated an increase in growth in the money supply (Y). So as Y goes up, slowly 1 will go down. Therefore, hold 2 constant and 3 will fall gradually as the economy grows.
1) P
2) M
3) P
2) M
3) P
Flashcard info:
Author: savhighsmith
Main topic: Economics
Topic: History of Economics
School / Univ.: UGA
City: Athens
Published: 15.11.2010