In 2003, the Canadian economy was close to full employment. Real GDP was $1,000 billion. The nominal interest rate was 4.0 percent a year, the inflation rate was 3.0 percent a year, the price level was 1.20, and the velocity of circulation was 8.00. What was the quantity of money in Canada? In 2003, the quantity of money in Canada is $ billion.
In 2003, the Canadian economy was close to full employment. Real GDP was $1,000 billion. The nominal interest rate was 4.0 percent a year, the inflation rate was 3.0 percent a year, the price level was 1.20, and the velocity of circulation was 8.00. What was the quantity of money in Canada? In 2003, the quantity of money in Canada is $ billion.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
In
2003,
the
Canadian economy
was
close to
full employment.Real GDP was $1,000
billion.The nominal interest rate was
4.0
percent a year, the inflation rate was
3.0
percent a
year,
the price level was
1.20,
and the velocity of circulation was
8.00.
What was the quantity of money in
Canada?
In
2003,
the quantity of money in
Canada
is
$
billion.Expert Solution
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