Consider a simple economy that produces only air fryers. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2021, the money supply was $400, the price of a air fryer was $10.00, and the economy produced 800 air fryers.  Fill in the missing values in the following table, selecting the answers closest to the values you calculate. Year Quantity of Money Velocity of Money Price Level Quantity of Output Nominal GDP (Dollars) (Dollars) (Air fryers) (Dollars) 2021 400     10.00 800      2022 420 20      800      The money supply grew at a rate of  ? from 2021 to 2022. Since air fryer output did not change from 2021 to 2022 and the velocity of money increased, decreased, or remained the same?  , the change in the money supply was reflected  (partially or entirely?)  in changes in the price level. The inflation rate from 2021 to 2022 was  ?  .

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Chapter1: Making Economics Decisions
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Consider a simple economy that produces only air fryers. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2021, the money supply was $400, the price of a air fryer was $10.00, and the economy produced 800 air fryers. 

Fill in the missing values in the following table, selecting the answers closest to the values you calculate.
Year
Quantity of Money
Velocity of Money
Price Level
Quantity of Output
Nominal GDP
(Dollars)
(Dollars)
(Air fryers)
(Dollars)
2021 400  
 
10.00 800     
2022 420 20      800     

The money supply grew at a rate of  ? from 2021 to 2022. Since air fryer output did not change from 2021 to 2022 and the velocity of money increased, decreased, or remained the same?  , the change in the money supply was reflected  (partially or entirely?)  in changes in the price level. The inflation rate from 2021 to 2022 was  ?  .

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