Yep. This is what you watched every week when you watched The Monkees. Bad slapstick chase scenes, a series of costumes chosen at random from the box ("These are cool. Let's do something with bullfighting"), with a song from their new album overdubbed. This one was from their second album, I believe, which also included the profound "I'm Gonna Buy Me A Dog."
Hard to believe from this clip that they actually were talented...eventually. Mike Nesmith in particular went on to a creditable solo career, more country oriented. Yes, he has the right to sing this Linda Ronstadt hit. He wrote it.