Monetarists believe that changes in the money stock a. have an immedi

Monetarists believe that changes in the money stock

a. have an immediate effect on the level of income.
b. will always have a persistent impact on output for more than two years.
c. do not affect the level of income to any great extent.
d. have a persistent impact on output for as long as it takes the expected price level to adjust to the actual price level.
e. both b and d.

ANSWER

D