单选题 If the effects are fully anticipated, what impact is expansionary monetary policy most likely to have on real economic activity?

A. Little or no impact.
B. Large expansionary impact.
C. Moderate expansionary impact.

【正确答案】 A

【答案解析】If expansionary monetary policy is fully anticipated, the impact on real economic activity will be negligible. Inflation and nominal, interest rates rise, but real output and interest rates do not change.