4. Velocity and the quantity equation Consider a simple economy that produces only pens. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2017, the money supply was $360, the price of a pen was $9.00, and the economy produced 800 pens. Fill in the missing values in the following table, selecting the answers closest to the values you calculate. Quantity of Money Price Level Quantity of Output Nominal GDP Year (Dollars) Velocity of Money (Dollars) (Pens) (Dollars) 2017 360 9.00 800 2018 378 20 800 The money supply grew at a rate of from 2017 to 2018. Since pen output did not change from 2017 to 2018 and the velocity of money the change in the money supply was reflected in changes in the price level. The inflation rate from 2017 to 2018 was