When Milton Friedman said that "inflation is always and everywhere a monetary phenomenon," he was referring to

Question

Quizplus · Accepted Answer

Friedman's statement implies that inflation is caused by an increase in the money supply, rather than by external factors such as supply shortages or high demand. This applies regardless of whether the inflation is a one-time event or ongoing, but it rules out a as a correct choice since one-shot inflation could potentially have non-monetary causes. Therefore, the correct choice is B.

When Milton Friedman Said That "Inflation Is Always and Everywhere