The vertical axis of the aggregate demand and aggregate supply model measures the overall _______.
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For example, an increase in the money supply, a _______ variable, will cause the price level, a _______ variable, to increase but will have no long-run effect on the quantity of goods and services the economy can produce, a _______ variable. The notion that an increase in the quantity of money will impact the price level but not the output level is known as _______ neutrality.
Suppose the nominal interest rate is 7 percent while the money supply is growing at a rate of 5 percent per year. Assuming real output remains fixed, if the government increases the growth rate of the money supply from 5 percent to 9 percent, the Fisher effect suggests that, in the long run, the nominal interest rate should become
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