Macroeconomics final multiple choice (Glossary)
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The knowledge and skills that worker aqquire through education, training, and experience.
A thoery assrtin that the quanity of money available determines the price level and that the growth rate in the quantity of meny available determines the inflation rate
Quantity theory of money
A theory that people optimally use all the information they have, including information about government policies, when forecasting the future
Rational expectation theory
Keyens's theory that the interest rate adjusts to bring money supply and money demand into balance
Theory of liquidity pereference
A curve that shows the short-run trade-off between inflation and unemployment
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