The velocity of money in the small Republic of Sloagia is always the same. Last year, the money supply was $ 6 billion and real GDP was $ 20 billion. This year, the money supply increased by 4 percent, real GDP by 5.4 percent, and nominal GDP is $ 19 billion. Calculate the velocity of money Number The price level last year, Number The Price level this year Number The inflation rate. Number

The velocity of money in the small Republic of Sloagia is always the same. Last year, the money supply was $ 6 billion and real GDP was $ 20 billion. This year, the money supply increased by 4 percent, real GDP by 5.4 percent, and nominal GDP is $ 19 billion. Calculate the velocity of money Number The price level last year, Number The Price level this year Number The inflation rate. Number

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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