When inflation is defined to be a condition of a continually rising price level,________ economists agree with Milton Friedman's proposition that inflation is a monetary phenomenon.
A)no
B)very few
C)about half of practicing
D)almost all

Question

Quizplus · Accepted Answer

Almost all economists agree with Milton Friedman's proposition that inflation is a monetary phenomenon when inflation is defined to be a condition of a continually rising price level. This is because when the money supply expands faster than the growth in the economy's capacity to produce goods and services, the price level rises, resulting in inflation.

When Inflation Is Defined to Be a Condition of a Continually