We have the following information about an economy: Money supply = $ 50 billion Nominal GDP = $1 trillion Real GDP = $500 billion a) What is the price level? What is the velocity of money? b) Suppose the velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to the nominal GDP and the price level next year if the Bank of Canada decides to keep the money supply constant? c) What money supply should the Bank of Canada set next year if they want to keep prices constant? d) What money supply should the Bank of Canada set next year if it wants the ination rate to equal 3%