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Suppose the money supply M has been growing at 10% per year, and nominal GDP, PY, has been growing at 20% per year. The data
Suppose the money supply M has been growing at 10% per year, and nominal GDP, PY, has been growing at 20% per year. The data are as follows (in billions of dollars):
2010 | 2011 | 2012 | |
M | 100 | 110 | 121 |
PY | 1,000 | 1,200 | 1,440 |
V |
|
|
|
Complete the table above by calculating the velocity V in each year. (Round your responses to the nearest whole number.)
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