CENGAGE | MINDTAP Q se nework: The Debate Over Monetary and Fiscal Policy ttempts Keep the Highest / 2 1. Velocity and the quantity equation Consider a simple economy that produces only pies. The following table contains information on the economy's money supply, velocity of money, price evel, and output. For example, in 2012, the money supply was $320, the price of a pie was $8.00, and the economy produced 600 pies. Fill in the missing values in the following table, rounding to the nearest cent when necessary. Quantity of Money Price Level Quantity of Output Nominal GDP Year (Dollars) Velocity of Money ( Dollars) (Pies) (Dollars) 2012 320 8.00 600 2013 336 15 600 The money supply grew at a rate of from 2012 to 2013. Since pie output did not change from 2012 to 2013 and the velocity of money the change in the money supply was reflected in changes in the price level. The inflation rate from 2012 to 2013 was Grade It Now Save & Continue Continue without saving Nov 28