An economy is at full employment and real GDP is $1,000 billion. The inflation rate is 3.0 percent a year, the price level is 1.2, and the velocity of circulation is 8.0. What is the quantity of money? The quantity of money is _____ billion

An economy is at full employment and real GDP is $1,000 billion. The inflation rate is 3.0 percent a year, the price level is 1.2, and the velocity of circulation is 8.0. What is the quantity of money? The quantity of money is _____ billion

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter13: Monetary Policy

Section: Chapter Questions

Problem 6E

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An economy is at full employment and real GDP is $1,000 billion. The inflation rate is 3.0 percent a year, the price level is 1.2, and the velocity of circulation is 8.0.

What is the quantity of money?

The quantity of money is _____ billion

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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