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Snip & Sketch X of New V V . . . 3. The classical dichotomy and the neutrality of money The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Valerie spends all of her money on magazines and donuts. In 2015, she earned $16.00 per hour, the price of a magazine was $8.00, and the price of a donut was $1.00. Which of the following give the nominal value of a variable? Check all that apply. Valerie's wage is $16.00 per hour in 2015. O Valerie's wage is 2 magazines per hour in 2015. The price of a donut is 0.13 magazines in 2015. Which of the following give the real value of a variable? Check all that apply. Valerie's wage is 16 donuts per hour in 2015. O Valerie's wage is $16.00 per hour in 2015. O The price of a magazine is $8.00 in 2015. Suppose that the Fed sharply increases the money supply between 2015 and 2020. In 2020, Valerie's wage has risen to $32.00 per hour. The price of a magazine is $16.00 and the price of a donut is $2.00. In 2020, the relative price of a magazine is 8 donuts Between 2015 and 2020, the nominal value of Valerie's wage_ increases , and the real value of her wage remains the same Monetary neutrality is the proposition that a change in the money supply affects nominal variables and does not affect _ real variables. Type here to search O e M 2 2:34 PM 3/5/2020