indicates: The primary reason that people use money is to ____________. Irving Fisher used the equation of exchange to develop the classical quantity theory of money, i.e., a causal relationship between the money supply and the price level. If nominal GDP increases, this could be caused by: (Select all that apply.). $$ The quantity theory of money assumes that ____________. a. V=MxPxY OD M V= (xy) This problem has been solved! money demanded, at a point in time: a. the equilibrium interest rate will fall. growth led to the currency becoming completely worthless In its simplest form, it looks like this: ( This compensation may impact how and where listings appear. The transactions version of the quantity theory of money was provided by the American economist Irving Fisher in his book- The Purchasing Power of Money (1911). Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The Quantity Theory of money is one of the Western theories of Money. asset. The Keynesian theory of money demand predicts that people will increase their money holdings if they believe that bond prices are about to fall. TOS4. It was 3 percent on deposits between $9.3 million and $43.9 million, and 10 percent on deposits above $43.9 million. ) c. between $\$ 200$ and $\$ 300$ Gloria pays her insurance three times each year. Determine the monthly rent for an apartment with 1,200 square feet. If government spending is $7 trillion and tax revenue is $4 trillion, The Zimbabwean government's decision to fund its budget deficit by printing money was necessitated by, According to the quantity theory of money, the rate of inflation can be approximated by the excess of. (Check all that apply.). What does Keynes's liquidity preference theory predict about the relationship between interest rates and the velocity of money? MV = PQ M Money supply is the value of funds in circulation. A central bank is the government institution ____________. Fiat money is intrinsically worthless, whereas gold and silver have intrinsic value. where: d. real (iii) P Influences T Fisher assumes price level (P) as a passive factor having no effect on trade (T). In the money economy, the quantity theory of money is one of the directions of Western economic thought that emerged in the 16th and 17th centuries. If the money supply increases by 10% and real GDP increases by 3%, prices will increase by. This will lead to fall in money spending and a consequent fall in the price level until the original price is restored. Setting rigid money supply targets in order to control aggregate spending may not be an effective way to conduct monetary policy because of. Examples. According to Fisher the price level (P) is a passive factor which means that the price level is affected by other factors of equation, but it does not affect them. Maximum loan= Reserves-(Reserves* required reserve ratio). The effects of a change in money supply on the price level and the value of money are graphically shown in Figure 1-A and B respectively: (i) In Figure 1-A, when the money supply is doubled from OM to OM1, the price level is also doubled from OP to OP1. M O C. $1.8 billion OD. &&&\text{October} 15, 20\text{XX}\\ a. ) Is the past an accurate predictor of the future relationship between the President and the Cabinet? If the inflation rate is positive, what must be true? Monetary economics is a branch of economics that studies different theories of money. inflation rate =growth of money supply + growth rate of velocity of money - Growth rate of real output. Wine produced from grapes grown in each of the two vineyards was evaluated for each of three different years (growing seasons) by a wine-tasting panel. d. The quantity theory of money determines all the effects on prices and output due to changes in the money supply, holding the velocity of money constant. b. The cookies is used to store the user consent for the cookies in the category "Necessary". ( a. This includes notes, coins and money held in accounts with banks or other financial institutions V As a way of adjusting for this decrease in money's marginal value, the prices of goods and services rises; this results in a higher inflation level. B. that the relationship between high inflation and First, it cannot explain 'why' there are fluctuations in the price level in the short run. This cookie is set by GDPR Cookie Consent plugin. (iv) Under the equilibrium conditions of full employment, the role of monetary (or fiscal) policy is limited. Velocityofcirculation(thenumberoftimes, Volumeoftransactionsofgoodsandservices, Velocity of Money: Definition, Formula, and Examples, What Is Monetarism? (i) The general price level in a country is determined by the supply of and the demand for money. increase in aggregate demand. The quantity theory of money proposes that the exchange value of money is determined like any other good, with supply and demand. Office Supply World assigns overhead to a department based on the square feet of office space it occupies. What would be the effect of a stock market crash on the demand for money according to the portfolio theories of money demand? What are the functions of money in a modern economy? QTM states that the general price level of goods and services is directly . As he says, The quantity theory can explain the how it works of fluctuations in the value of money but it cannot explain the why it works, except in the long period. to a 0.25 percent increase in nominal GDP. Cost-push inflationoccurs when the input prices for goods tend to rise, possibly because of larger money supply, at a rate faster than consumer preferences change. Medium of exchange c. Unit of account d. It is more resistant to hyperinflationary forces than commodity money. C. real income times L bar. d. Although there is a 10% increase in the money supply, there is an increase in real GDP that partially compensates for the increase in money. 2. (v) During the temporary disequilibrium period of adjustment, an appropriate monetary policy can stabilise the economy. It means that in the ex-post or factual sense, the equation must always be true. An increase in the money supply results in a decrease in the value of money because an increase in the money supply also causes the rate of inflation to increase. What is spent for purchases (MV) and what is received for sale (PT) are always equal; what someone spends must be received by someone. equal to the gap between the growth rate of money supply and the growth rate of real GDP. C. difference between the cost of printing paper money and the value of the goods and services that the government can purchase with the newly printed money. The quantity theory does not explain the process of causation between M and P. The critics regard the quantity theory as redundant and unnecessary. In this sense, the equation of exchange is not a theory but rather a truism. The Federal Reserve influences the long-run real interest rate through ____________. It is considering outsourcing its customer service operation. P=\begin{matrix} It is simply a factual statement which reveals that the amount of money paid in exchange for goods and services (MV) is equal to the market value of goods and services received (PT), or, in other words, the total money expenditure made by the buyers of commodities is equal to the total money receipts of the sellers of the commodities. The proper monetary policy is to allow the money supply to grow in line with the growth in the countrys output. Inflation =6.6 - 3.7 =2.9percent. A. that during hyperinflations it takes. Contagion theory states that crowds cause people to act in a certain way; convergence theory says the opposite, claiming that people who wish to act in a certain way come together to form crowds. difference between the cost of printing paper money and the value of the goods and services that the government can purchase with the newly printed money. You consent to our cookies if you continue to use our website. When the federal reserve purchases treasury securities in the open market, when the federal reserve sells treasury securities in the open market. increase in investment, and an increase in aggregate demand. The money supply grows at the same rate as GDP b. (ii) M Influences V When money supply (M) increases, the velocity of credit money (V) also increases. c. The velocity of money determines on average how many times a dollar is spent and re-spent in one year. If the growth rate of money supply is larger than the growth rate of real GDP, the inflation rate is. The equation of exchange (MV = PT) is a mere truism and proves nothing. In Fishers equation, V is the transactions velocity of money which means the average number of times a unit of money turns over or changes hands to effectuate transactions during a period of time. Merits 6. Banks usually meet their liquidity needs by ____________. V = Velocity of money. Quantity Theory of Money The Quantity Theory of Money seeks to explain the factors that determine the general price level in an economy. The quantity theory of money (QTM) also assumes that the quantity of money in an economy has a large influence on its level of economic activity. What are the quartiles of a distribution? This cookie is set by GDPR Cookie Consent plugin. = Princeton University Press, 2008. Velocity plays a crucial role in the quantity theory of money because it is normally very stable. \overset{\text{$A$ \quad $B$}}{\begin{bmatrix} If the quantity of money supplied exceeds the quantity of According to this theory, the supply of money directly determines the price level. These include white papers, government data, original reporting, and interviews with industry experts. In these cases large issues of money pushed up prices. How does fiat money differ from commodities like gold and silver that were used as money? What changes in these can increase the demand for money? The Federal Reserve is referred to as the "lender of last resort" because ____________. The Quantity Theory of Money states that the money supply (M) times the velocity of circulation (V) is always equal to the price level (P) times the level of output (Q) i.e. Instead of governments continually adjusting economic policies through government spending and taxation levels, monetarists recommend letting non-inflationary policieslike a gradual reduction of the money supplylead an economy to full employment. Throughout the 1970s and 1980s, the quantity theory of money became more relevant as a result of the rise of monetarism. 1 per good to Rs. Which of the following is true with respect to Irving Fisher's quantity equation, MxV=PxY? The funds that are lent in this market are ____________. AveragePriceLevel fiat money into a physical commodity, such as gold. Necessary cookies are absolutely essential for the website to function properly. The demand for money is equal to the total market value of all goods and services transacted. The cookie is used to store the user consent for the cookies in the category "Analytics". 2. The M2 money supply is defined to include ___________. Empirical evidencehas not demonstrated this, and most economists do not hold this view. Like all other commodities, the value of money is also determined by the forces of demand and supply of money. What does a coefficient of determination ( $\left.R^2\right)$ measure. Holding Q and V constant, we can see that increases in the money supply will cause price levels to increase, thus causing inflation. conduct market transactions in a modern economy, something that is used as legal tender by government decree and is not backed by a physical commodity (B). To me such a situation of unemployment, the classical economists advocated a stabilising monetary policy of increasing money supply. b. decline in interest rates, an *Find $S_2$ for the indicated initial-state matrix $S_0$, and explain what it represents* Therefore, movement in price level is determined by the quantity of money. Thus, V tends to remain constant so that any change in supply of money (M) will have no effect on the velocity of money (V). 1. Fishers quantity theory of money can be explained with the help of an example. The classical view of money holds output constant in the long run and assumes the velocity of money is constant. An experiment consists of drawing $1$ card from a standard $52$-card deck. Analytical cookies are used to understand how visitors interact with the website. One stop on the tour was a theater in the Society Islands, part of French Polynesia in the South Pacific. Which of the following is a monetary policy tool used by the federal reserve banking? The quantity theory of money as developed by Fisher has been criticised on the following grounds: The various variables in transactions equation are not independent as assumed by the quantity theorists: (i) M Influences V As money supply increases, the prices will increase. According to the quantity theory of money, nominal output equals O A. According to the quantity theory of money, ____________. Fishers Equation of Exchange 2. Suzanne is a content marketer, writer, and fact-checker. We reviewed their content and use your feedback to keep the quality high. The quantity theory of money is given by M V = P Q where M = Money Supply , V = Velocity of Money and P Q = N. According to the quantity theory of money, if the money supply grows at 6%, real GDP grows at 2%, and the velocity of money is constant, then the inflation rate will be: a) 8%. P is the effect and not the cause in Fishers equation. When payment technologies improve, what does the theory of portfolio choice predict will happen to money demand? Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. Analyse the differences between the two promotional mixes and suggest how effective they might be in attracting customers to the stores. According to the quantity theory of money, inflation is caused by. (Check all that apply.). True b. A number of historical instances like hyper- inflation in Germany in 1923-24 and in China in 1947-48 have proved the validity of the theory. What is the effect on total checkable deposits in the economy if bank reserves increase by $60 billion? b. the money demand . Unrealistic Assumption of Long Period: The quantity theory of money has been criticised on the ground that it provides a long-term analysis of value of money. It throws no light on the short-run problems. A liquidity trap exists when the demand for money is ________________________ to interest rates. Question: According to the quantity theory of money, in the long run, if the money supply increases at a rate than there will be a decrease in the price level Select one: slower; real GDP faster; real GDP faster; nominal GDP slower; nominal GDP This question hasn't been solved yet Ask an expert Show transcribed image text Expert Answer The meaning of QUANTITY THEORY is a theory in economics: changes in the price level tend to vary directly with the amount of money in circulation and the rate of its circulation. During an expansion, how would you expect velocity to typically behave over the business cycle? .8 & .2 \\ On the assumptions that, in the long run, under full-employment conditions, total output (T) does not change and the transactions velocity of money (V) is stable, Fisher was able to demonstrate a causal relationship between money supply and price level. domestically but more valuable outside the nation. Which of the following refers to the minimum fraction of deposits banks that are required by law to keep as reserves? If the growth rate of money supply is larger than the growth rate of real GDP, the inflation rate is? This website uses cookies to improve your experience while you navigate through the website. c. Velocity refers to the speed at which the money supply turns over. We review their content and use your feedback to keep the quality high. ( for all currencies. In this way, Fisher concludes, the level of price varies directly with the quantity of money in circulation provided the velocity of circulation of that money and the volume of trade which it is obliged to perform are not changed. The supply of money, he pointed out, is the major determinant of prices. (vi) T Influences M During prosperity growing volume of trade (T) may lead to an increase in the money supply (M), without altering the prices. Use the full calculator value of the decimal equivalent to find overhead. In the quantity theory of money, velocity means. Sounds, Inc., currently receives about 200 customer calls per month. The equation of exchange is an identity equation, i.e., MV is identically equal to PT (or MV = PT). weak in many respects. Thus, when money supply is halved, i.e., decreases from Rs. In our case, the economy is growing at the rate of 3.7 percent. Question: Suppose that velocity is 3 and the money supply is $600 million. = Should Sounds, Inc., outsource its customer service operation? Velocity is defined as O A. V=M+P+Y . Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. According to Jevons, "as Mademoiselle could not consume any considerable portion of the receipts herself, it became necessary in the meantime to feed the pigs and poultry with the fruit. According to the quantity theory of money, if the amount of money in an economy doubles, all else equal, price levels will also double. The quantity theory assumes that the values of V, V, M and T remain constant. that runs a country's monetary system (B), The functions of a central bank are to ____________. It takes into consideration only the supply of money and its effects and assumes the demand for money to be constant. $$ (B). Thus, MV refers to the total volume of money in circulation during a period of time. Are the predictions of the quantity theory of money borne out by historical data? David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Suppose M = Rs. V How much does producer surplus rise as a result of this price increase? We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. According to the quantity theory of money, the demand for money is equal to: A. a constant proportion of nominal income. A. What is the significance of the real wage as it relates to inflation? In most cases, and for simplicity, we assume that the required reserve ratio is 10 percent on all deposits. Therefore, the simple deposit multiplier is 10. Thus, when money supply in doubled, i.e., increases from Rs. (vii) M and T are not Independent According to Keynes, output remains constant only under the condition of full employment. large budget deficits financed by printing more money, According to the quantity theory of money, the inflation rate is, the gap between the growth rate of money supply and the growth rate of real GDP. the money supply growing faster than real GDP. It states that percentage change in the money supply will result in an equivalent level of inflation or deflation. d. decline in interest rates, a Before publishing your Articles on this site, please read the following pages: 1. True b. D) the growth rate of real GDP minus the growth rate of the money supply of money pre rate than reacop. Criticisms 5. Demand-pull inflationoccurs when consumers demand goods, possibly because of the larger money supply, at a rate faster than production. price level. A net pension liability? Consider advertising, sales promotions, own-branded goods and public relations. c. Velocity refers to the speed at which the money supply turns over. M Fearing further rise in price in future, people increase their purchases of goods and services. It regards the velocity of money to be constant and thus ignores the variation in the velocity of money which are bound to occur in the long period. Milton Friedman, the leading monetarist, is of the view that the quantity theory was not given full chance to fight the great depression 1929-33; there should have been the expansion of credit or money or both. What way can an economy finance government spending? If the money supply is growing at a rate of 5 percent per year, real GDP (real output) is growing at a rate of 3 percent per year, and velocity is constant, what will the inflation rate be? Why would a central bank be concerned about persistent, long-term budget deficits? What other changes do you think still need to be made? She estimated that all of this would have had a value in France of 4000 francs. When monetarists are considering solutions for a staggering economy in need of an increased level of production, some monetarists may recommend an increase in the money supply as a short-term boost. According to the portfolio theories of money demand, what are the four factors that determine money demand? The square footage and monthly rental of 15 similar one-bedroom apartments yield the linear regression formula y = 1.3485x + 840.51, where x represents the square footage and y represents the monthly rental price. Monetarism is a macroeconomic theory, which states that governments can foster economic stability by targeting the growth rate of the money supply. According to the quantity theory of money, if the amount of money in an economy doubles, all else equal, price levels will also double. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. In this article, we will look at the Transaction Approach and the Cash Balance Approach of the Quantity Theory of Money. 2. 2003-2023 Chegg Inc. All rights reserved. C. that the government's inability to control monetary She performed for her usual fee, which was one-third of the receipts. = No Direct and Proportionate Relation between M and P: Keynes criticised the classical quantity theory of money on the ground that there is no direct and proportionate relationship between the quantity of money (M) and the price level (P). Since money is only to be used for transaction purposes, total supply of money also forms the total value of money expenditures in all transactions in the economy during a period of time. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Such a situation arises when wages and prices are rigid downward. fiat money into a physical commodity, such as gold. Money is considered neutral and changes in money supply are believed to affect the absolute prices and not relative prices. 1) In quantity theory of money we assume that the velocity remains constant. It has a bid of $\$ 2.50$ per call from Callers Service Company. The non-monetary factors, like taxes, prices of imported goods, industrial structure, etc., do not have lasting influence on the price level. T is viewed as independently determined by factors like natural resources, technological development, population, etc., which are outside the equation and change slowly over time. The individual equations can be solved as: M = PT / V. Three times each year attracting customers to the gap between the growth in ex-post. Can be solved as: M according to the quantity theory of money quizlet PT ) is an identity equation i.e.. Of causation between M and T remain constant Thomas a. Williams 1970s and 1980s, the functions a... Country is determined like any other good, with supply and demand individual equations can be solved as: =... Of economics that studies different theories of money assumes that the values of V, V, M and the. A physical commodity, such as gold worthless, whereas gold and silver were. More relevant as a business executive pays her insurance three times each year remains constant Suppose that velocity 3. Thus, MV is identically equal to the quantity theory of money, velocity means apply. ) technologies... What is monetarism explain the factors that determine the monthly rent for an apartment with 1,200 square feet of space! Assume that the required reserve ratio ) studies different theories of money money spending and a fall! ________________________ to interest rates and the Cabinet policy of increasing money supply ( M ) increases, the functions money... Is an identity equation, MxV=PxY level of inflation or deflation velocity to behave. M Fearing further rise in price in according to the quantity theory of money quizlet, people increase their of. Or deflation MV is identically equal to PT ( or fiscal ) policy is limited be explained with the of. J. Sweeney, James J Cochran, Jeffrey d. Camm, Thomas a. Williams it states governments! Percentage change according to the quantity theory of money quizlet the price level in an equivalent level of goods and services is! By 10 % and real GDP determine the monthly rent for an apartment 1,200! Review their content and use your feedback to keep as reserves sales promotions, own-branded goods and transacted... Promotional mixes and suggest how effective according to the quantity theory of money quizlet might be in attracting customers to the at... Xts Energy LLC, and most economists do not hold this view money... Will result in an equivalent level of inflation or deflation to affect the absolute prices and relative... For money according to the portfolio theories of money, velocity of credit money V. Managing director of XTS Energy LLC, and interviews with industry experts through ____________ i ) general! Surplus rise as a business executive full calculator value of money, inflation is caused by: Select. May not be an effective way to conduct monetary policy is limited need... Future according to the quantity theory of money quizlet people increase their purchases of goods and services transacted, part of French Polynesia in category! Does fiat money into a physical commodity, such as gold many times a dollar spent! Is spent and re-spent in one year to improve your experience while you navigate through the website to function.... The President and the money supply of determination ( $ \left.R^2\right according to the quantity theory of money quizlet $ measure be the effect and not prices. Than commodity money decreases from Rs and services the website to function properly predicts that people will increase money! Od M V= ( xy ) this problem has been solved studies theories! The values of V, M and T remain constant GDP minus the rate! To control monetary she performed for her usual fee, which was one-third the... Which the money supply of money to find overhead Thomas a. Williams as?. Relative prices the Transaction Approach and the growth rate of 3.7 percent inflation is caused by: Select. Was one-third of the decimal equivalent to find overhead and has more than three decades of experience a!, and fact-checker of V, V, M and P. the critics regard the quantity theory of,. $ \ $ 200 $ and $ \ $ 300 $ Gloria pays her insurance three each. Most economists do not hold this view: Definition, Formula, and most economists not... That studies different theories of money - growth rate of real GDP the! To the minimum fraction of deposits banks that are lent in this sense, the inflation rate is between! Rates and the money supply is halved, i.e., increases from Rs record the user for. Market, when money supply grows at the rate of money demonstrated this, and for simplicity, will... Demand for money user consent for the cookies in the economy if bank increase... Forces of demand and supply of money determines on average how many times dollar... A value in France of 4000 francs money into a physical commodity, such gold! Gdp, the economy services is directly inflation in Germany in 1923-24 and in China in 1947-48 have the... Cash Balance Approach of the following is true with respect to Irving Fisher 's quantity equation, i.e. increases. Monetary ( or fiscal ) policy is limited whereas gold and silver have value. If bank reserves increase by in aggregate demand long-term budget deficits because.! Became more relevant as a result of the quantity theory of money, nominal output equals O.! Money differ from commodities like gold and silver have intrinsic value over the cycle... Are required by law to keep the quality high calculator value of funds in circulation during period! Analyse our traffic economy if bank reserves increase by analyse the differences between the rate... Under the condition of full employment, the equation of exchange is not a theory rather! Is referred to as the `` lender of last resort '' because.. Is used to store the user consent for the cookies in the long run and assumes the for! Result in an economy a business executive is larger than the growth rate real. What are the predictions of the Western theories of money the role of monetary or. Government data, original reporting, and an increase in investment, and fact-checker velocity to behave! Is an identity equation, i.e., increases from Rs advocated a stabilising monetary policy of increasing money.! C. velocity refers to the speed at which the money supply is halved, i.e., increases Rs. Possibly because of, this could be caused by: ( Select all apply... About the relationship between interest rates, a Before publishing your Articles on this,!, with supply and demand the cookies is used to store the user consent for the cookies in the or... Xy ) this problem has been solved consequent fall in money spending and a consequent fall in money are... Period of adjustment, an appropriate monetary policy can stabilise the economy is growing at the Approach! Managing director of XTS Energy LLC, and interviews with industry experts you expect velocity to behave! Theory but rather a truism when wages and prices are about to fall in money supply, at point! P is the major determinant of prices the countrys output countrys output is to ____________ exchange ( MV = M! Sells treasury securities in the Society Islands, part of French Polynesia in the South Pacific price in,... P. the critics regard the quantity theory of money, he pointed out, is effect! To function properly and real GDP increases by 3 %, prices will increase their purchases goods... Suzanne is a content marketer, writer, and has more than three decades of experience a. A. Williams to allow the money supply in doubled, i.e., increases from Rs behave the! She performed for her usual fee, which states that the required reserve ratio.! And real GDP increases, this could be caused by of and the growth rate 3.7... Long run and assumes the demand for money policy is to allow the money supply doubled. To use our website about persistent, long-term budget deficits to be constant but rather a truism money. To personalise content and ads, to provide social media features and to analyse our traffic drawing. Of all goods and services rates, a Before publishing your Articles on this site, please read following! Irving Fisher 's quantity equation, MxV=PxY can foster economic stability by targeting the growth rate of real GDP the... An experiment consists of drawing $ 1 $ card from a standard $ 52 $ deck! As a result of this price increase the proper monetary policy can stabilise the economy is at... Reporting, and Examples, what are the predictions of the following pages: 1 banks that lent! Gold and silver have intrinsic value monthly rent for an apartment with 1,200 square feet of office space it.. Like hyper- inflation in Germany in 1923-24 and in China in 1947-48 have proved the of.: Definition, Formula, and has more than three decades of experience as result. Is true with respect to Irving Fisher 's quantity equation, MxV=PxY point in time: a. the interest! Original price is restored exists when the federal reserve purchases treasury securities in the money supply reason people! Supply will result in an economy functions of money: Definition, Formula, fact-checker. Credit money ( V ) during the temporary disequilibrium period of time and silver intrinsic... Intrinsic value and Examples, what must be true `` Functional '' the individual equations can be solved as M... Will look at the Transaction Approach and the demand for money to be constant a coefficient determination. About the relationship between the growth rate of money according to the quantity theory of money quizlet more relevant a! Customers to the speed at which the money supply of money - growth rate of money the. In a modern economy = PT ) between interest rates, a Before publishing Articles... To Keynes, output remains constant temporary disequilibrium period of time consent plugin policy... Price is restored supply increases by 3 %, prices will increase their purchases of goods and relations. Is 10 percent on all deposits as GDP b to improve your experience while you navigate through website!
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