1 Assume that this year's money supply is US$500 billion, nominal GDP is US$10 trillion, and real GDP is US$5 trillion. a. What is the price level? What is the velocity of money? b. Assume that the velocity of money is constant and real GDP grows at 5% per year. If the central bank lets the goods If the currency supply remains unchanged, how will nominal GDP and price levels change next year? c. If the central bank wants to maintain price stability, how should it let the money supply change? d. If the central bank wants price inflation to be 10%, how should it let the money supply change? Assume that credit cards become more popular, so people need to hold

1 Assume that this year's money supply is US$500 billion, nominal GDP is US$10 trillion, and real GDP is US$5 trillion. a. What is the price level? What is the velocity of money? b. Assume that the velocity of money is constant and real GDP grows at 5% per year. If the central bank lets the goods If the currency supply remains unchanged, how will nominal GDP and price levels change next year? c. If the central bank wants to maintain price stability, how should it let the money supply change? d. If the central bank wants price inflation to be 10%, how should it let the money supply change? Assume that credit cards become more popular, so people need to hold

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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