global economThe equation of exchange is given as: M V = P Y, where M is the money supply, V is the velocity of money, P is the price level, and Y is the output of goods and services produced in an economy. M + V = P + Y, where M is the money supply, V is the velocity of money, P is the price level, and Y is the output of goods and services produced in an economy. M V = P Y, where M is the money supply, V is the velocity of money, P is the price level, and Y is the output of goods and services produced in an economy. M V = P Y, where M is the money supply, V is the velocity of money, P is the price level, and Y is the output of goods and services produced in an economy.ics MGT 601