at some U.S. data on the four variables in the quantity equation (MV = PY). Use the figures provided to answer the questions that follow.

1. https://fred.stlouisfed.org/graph/?g=A04Z

2. https://fred.stlouisfed.org/graph/?g=A05j

3. https://fred.stlouisfed.org/graph/?g=A05t

4. https://fred.stlouisfed.org/graph/?g=A06j

a. Moving from the smallest to the largest value over this time span, what is the percentage change in the money supply M (M2)?

(1). 450.9%

(2). 1,204.8%

(3). 860.4%

(4). 33.3%

b. Moving from the smallest to the largest value over this time span, what is the percentage change in the velocity of money (as measured using M2)?

(1). 109.8%

(2). 764.9%

(3). 1,230%

(4). 59.2%

c. Moving from the smallest to the largest value over this time span, what is the percentage change in the price level P (as measured by the GDP deflator)?

(1). 177.9%

(2). 112.5%

(3). 734.1%

(4). 1,463.8%

d. Moving from the smallest to the largest value over this time span, what is the percentage change in output (as measured by real GDP)?

(1). 187.9%

(2). 23.4%

(3). 267.1%

(4). 893.2%

e. Based on your previous answers, which of the four variables in the quantity equation is the most stable in the sense of showing the smallest percentage variation over time?

(1). M

(2). P

(3). V

(4). Y