Question
The velocity of money in the small Republic of Sloagia is always the same. Last year, the money supply was $ 5 billion and real
The velocity of money in the small Republic of Sloagia is always the same. Last year, the money supply was $ 5 billion and real GDP was $ 20 billion.
This year, the money supply increased by 4 percent, real GDP by 5.4 percent, and nominal GDP is $ 19 billion.
Calculate the velocity of money
The price level last year,
The Price level this year
The inflation rate.
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
