Suppose that the money supply of a country is $90 billion and the velocity of money is 3. The economy's total production quantity is 630 billion units. Instructions: In part a, round your answer to 2 decimal places. In part b, enter your answer as a whole number. a. According to monetarist thought, what will be the average price of a good produced in this economy? b. What is this country's GDP? billion
Suppose that the money supply of a country is $90 billion and the velocity of money is 3. The economy's total production quantity is 630 billion units. Instructions: In part a, round your answer to 2 decimal places. In part b, enter your answer as a whole number. a. According to monetarist thought, what will be the average price of a good produced in this economy? b. What is this country's GDP? billion
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter14: Money And The Economy
Section: Chapter Questions
Problem 6QP
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