Last year, U.S. money supply was $4 trillion, U.S. nominal GDP was $20 trillion, and U.S. real GDP was $16 trillion. Which of the answer choices gives the best approximation of the maximum number of times that a dollar bill exchange last year? O More information is needed; specifically, the price level must be known. O Five times O Four times O Two times

Last year, U.S. money supply was $4 trillion, U.S. nominal GDP was $20 trillion, and U.S. real GDP was $16 trillion. Which of the answer choices gives the best approximation of the maximum number of times that a dollar bill exchange last year? O More information is needed; specifically, the price level must be known. O Five times O Four times O Two times

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter26: Monetary Policy

Section: Chapter Questions

Problem 3P

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