The money supply grew at a rate of from 2021 to 2022. Since air fryer output did not change from 2021 to 2022 and the velocity of money , the change in the money supply was reflected in changes in the price level. The inflation rate from 2021 to 2022 was .

The money supply grew at a rate of from 2021 to 2022. Since air fryer output did not change from 2021 to 2022 and the velocity of money , the change in the money supply was reflected in changes in the price level. The inflation rate from 2021 to 2022 was .

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter14: Money And The Economy

Section14.4: Money And Interest Rates

Problem 2ST

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If the money supply (M) is $300, the real GDP (Q) is 200, the velocity of money (V) is 6, the interest rates is 5% and the inflation rate is 3%, then calculate nominal GDP.
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