4. Velocity and the quantity equationConsider a simple economy that produces only pies. The following table contains information on the economy's money supply, velocity of money, pricelevel, and output. For example, in 2019, the money supply was $280, the price of a pie was $7.00, and the economy produced 600 pies.Fill in the missing values in the following table, selecting the answers closest to the values you calculate.Nominal GDPQuantity of Money(Dollars)Price LevelQuantity of OutputYearVelocity of Money(Dollars)(Pies)(Dollars)20192807.0060020202941560The money supply grew at a rete offrom 2019 to 2020. Since pie output dd not change from 2019 to 2020 and the velocty or money2he changen the morey supply was ref ectedin changesin the prre eve. The inflation rate from 2019 to2020 was Consider a simple economy that produces only pies. The following table contains information on the economy's money supply, velocity of money, pricelevel, and output. For example, in 2019, the money supply was $280, the price of a pie was $7.00, and the economy produced 600 pies.Fill in the missing values in the folloselecting the answers closest to the values you ca/culate.1.17%Quantity of MoneyPrice LevelQuantity of OutputNominal GDP(Dollars)2.44%VeYearMoney(Dollars)(Pies)(Dollars)20192807.006002020294600105%The money supply grew at a rate ofy from 2019 to 2020. Since ple output d d not change from 201S to 2020 and the velocty of moneythe changes the mone supply was ref ectedo shanges n the price eve The inflati on rate from 2019 to2020 was

The correct answers of the table are given as :

A. Velocity and the quantity êquatioön Consider a simple economy that produces only pies. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2019, the money supply was $280, the price of a pie was $7.00, and the economy produced 600 pies. Fill in the missing values in the following table, selecting the enswers closest to the values you calculate. Quantity of Output (Pies) Quantity of Money Price Level Nominal GDP Year (Dollars) Velocity of Money (Dollars) (Dollars) 2019 280 7.00 600 2020 294 15 600 The money supply grew at a rate of Y from 2019 to 2020. Since pie output did not change from 2019 to 2020 and the velocity of money the change in the money supply was refiected in changes n the price level. The inflation rate from 2019 to 2020 was

A. Velocity and the quantity êquatioön Consider a simple economy that produces only pies. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2019, the money supply was $280, the price of a pie was $7.00, and the economy produced 600 pies. Fill in the missing values in the following table, selecting the enswers closest to the values you calculate. Quantity of Output (Pies) Quantity of Money Price Level Nominal GDP Year (Dollars) Velocity of Money (Dollars) (Dollars) 2019 280 7.00 600 2020 294 15 600 The money supply grew at a rate of Y from 2019 to 2020. Since pie output did not change from 2019 to 2020 and the velocity of money the change in the money supply was refiected in changes n the price level. The inflation rate from 2019 to 2020 was

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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