DISCUSSION6 Money Growth and Inflation 1. Identify each of the following as nominal or real variables. (a) the physical output of goods and services (b) the overall price level (c) the dollar price of a meat pie (d) the price of beef relative to the price of chicken (e) the selling price of stock in the stock market (f) the amount of goods you can purchase with the wage you earn each hour (g) the personal taxes that you pay the government 2. Jazzieshizzle is a small economy with the nominal GDP of $440, real GDP of $80, and the money supply of $55. Calculate the price level and the velocity of money. 3. In order to combat many problems in the economy, Thai government decides to print more money and hand them out to people. Demonstrate the effects of these increases in money supply using a graph and provide a brief explanation in words