According to Monetarists
A. changes in the money supply are the primary cause of changes in real output and
the price level.
B. an expansionary fiscal policy will lower interest rates and thereby tend to over
stimulate the economy.
C. changes in the velocity of money are more important than changes in the money
supply in causing the level of economic activity to change.
D. the supply of money changes in response to changes in the levels of real output and
prices.