Exposure #4 (Ch 30) Homework 0 X Back to Assignmenl Attempts |:|:|: Keep the Highest / 2 4. Velocity and the quantity equation Consider a simple economy that produces only cell phones. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2019, the money supply was $360, the price of a cell phone was $9.00, and the economy produced 800 cell phones. Fill in the missing values in the following table, selecting the answers closest to the values you calculate. Quantity of Money Price Level Quantity of Output Nominal GDP Year (Dollars) Velocity of Money (Dollars) (Cell phones) (Dollars) 2019 360 7 9.00 800 v 2020 378 20 V 800 V The money supply grew at a rate of V from 2019 to 2020. Since cell phone output did not change from 2019 to 2020 and the velocity of money V , the change in the money supply was reflected V in changes in the price level. The inflation rate from 2019 to 2020 was V