Fill in the missing values in the following table, selecting the answers closest to the values you calculate Quantity of Money (Dollars) Price Level (Dollars) Nominal GDP (Dollars) 360 9.00 378 Year 2018 2019 Velocity of Money The money supply grew at a rate of money 2018 to 2019 was 20 Quantity of Output (Cell phones) 800 800 from 2018 to 2019. Since cell phone output did not change trore 2018 to 2019 and the velocity of the change in the money supply was reflected in changes in the boce level. The inflatiori rate from

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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4. Velocity and the quantity equation
Consider a simple economy that produces only cell phones. The following table contains information on the economy's money supply, velocity of
money, price level, and output. For example, in 2018, the money supply was $360, the price of a cell phone was $9.00, and the economy produced
800 cell phones.
Fill in the missing values in the following table, selecting the answers closest to the values you calculate.
Quantity of Money
(Dollars)
Quantity of Output
(Cell phones)
Nominal GDP
(Dollars)
360
378
Year
2018
2019
Velocity of Money
The money supply grew at a rate of
money
2018 to 2019 was
20
Price Level
(Dollars)
9.00
800
800
from 2018 to 2019. Since cell phone output did not change from 2018 to 2019 and the velocity of
the change in the money supply was reflected
in changes in the pece level. The inflation rate from
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Transcribed Image Text:4. Velocity and the quantity equation Consider a simple economy that produces only cell phones. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2018, the money supply was $360, the price of a cell phone was $9.00, and the economy produced 800 cell phones. Fill in the missing values in the following table, selecting the answers closest to the values you calculate. Quantity of Money (Dollars) Quantity of Output (Cell phones) Nominal GDP (Dollars) 360 378 Year 2018 2019 Velocity of Money The money supply grew at a rate of money 2018 to 2019 was 20 Price Level (Dollars) 9.00 800 800 from 2018 to 2019. Since cell phone output did not change from 2018 to 2019 and the velocity of the change in the money supply was reflected in changes in the pece level. The inflation rate from Grade It Now Save & Continue Continue without saving
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