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Quantity Theory of Money: Georgilia is a country in which the quantity theory of money operates. The country has a constant population, capital stock, and

  1. Quantity Theory of Money: Georgilia is a country in which the quantity theory of money operates. The country has a constant population, capital stock, and technology. In 2014, real GDP was $400 million, the quantity of money was $40, and the velocity of circulation of money was 15. In 2015, the price level rose by 20 percent.

a.What was the price level in 2014?

b. What was the quantity of money in 2015?

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