Check Assume the money supply is $1,100, the velocity of money is 6, and the price level is 10. Using the quantity theory of money. a. Determine the level of real output. $ 660 b. Determine the level of nominal output. $ 6600 c. Assuming velocity remains constant, what will happen if the money supply rises 20 percent? Real output would be $ , and real output would be $ d. If the government established price controls and also raised the money supply 50 percent, what would happen? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once place a check mark. For incorrect answer(s), click the option twice to empty the box. ? The price level would fall. ? Real output would decrease. ? The velocity of money would decrease. ? The equation of exchange wouldn't hold. 2 Real output would increase. ? The velocity of money would increase.