6. In a classical economy, the velocity of money is 100 (constant). a. If output is 1000 units and the money supply $2000, what is the price level? Explain. equation of money. b. If the real GDP grows by 3% per year, the money stock grows by 5% per year, and the real interest rate is 2%, then what is the nominal interest rate?

6. In a classical economy, the velocity of money is 100 (constant). a. If output is 1000 units and the money supply $2000, what is the price level? Explain. equation of money. b. If the real GDP grows by 3% per year, the money stock grows by 5% per year, and the real interest rate is 2%, then what is the nominal interest rate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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