4. Velocity and the quantity equation Consider a simple economy that produces only jean jackets. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2021, the money supply was $400, the price of a jean jacket was $12.50, and the economy produced 800 jean jackets. 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) (Jean jackets) (Dollars) 2021 400 12.50 800 Y 2022 408 25 V 800 Y The money supply grew at a rate of V from 2021 to 2022. Since jean jacket output did not change from 2021 to 2022 and the velocity of money Y , the change in the money supply was reflected V in changes in the price level. The inflation rate from 2021 to 2022 was V