If real output in an economy is 1,000 goods per year, the money supply is $300, and each dollar is spent an average of 3 times per year, then according to the quantity equation, the average price level is None of the above are correct. $1.11. $1.00. $0.90. $1.33. Suppose over some period of time the money supply tripled, velocity fell by half, and real GDP doubled. According to the quantity equation the price level is now 0.75 times its old value. None of the above are correct. 6 times its old value. 3 times its old value. 1.5 times its old value.

If real output in an economy is 1,000 goods per year, the money supply is $300, and each dollar is spent an average of 3 times per year, then according to the quantity equation, the average price level is None of the above are correct. $1.11. $1.00. $0.90. $1.33. Suppose over some period of time the money supply tripled, velocity fell by half, and real GDP doubled. According to the quantity equation the price level is now 0.75 times its old value. None of the above are correct. 6 times its old value. 3 times its old value. 1.5 times its old value.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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