Briefly explain the difference between commodity money, commodity-backed money, and fiat money. In the past we have observed countries that have adopted fiat money standards on average have higher rates of inflation than countries with commodity-backed money standards. Briefly explain why that would be the case.

Policies and Policymakers “Bank Indonesia (BI) has emphasized that it will not print money to help fund the surge in government spending to fight the COVID-19 pandemic. BI Governor Perry Warjiyo said the suggestion to print money was not a prudent monetary policy, pledging that the central bank would never take the measure. “This is an unusual policy and BI will never take such measures, including giving out money to the general public to face the COVID-19 pandemic,” Perry told reporters on Wednesday. “I am very sorry, but we should not confuse the public.”” -The Jakarta Post Why did BI decide on the prudent policy, which is to not to print money despite the fear of economic recession due to Covid-19 pandemic? What are other policy options for a central bank during the crisis?

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part B

How does money velocity contribute to the observation that in countries with high rates of inflation, the inflation rate exceeds the rate of money growth?

An increase in the money supply is likely to decrease: 1) Prices 2) Nominal income 3) Money demand 4) Interest rates

Consider a simple economy that produces only cell phones. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2018, the money supply was $280, the price of a cell phone was $7.00, and the economy produced 600 cell phones. Fill in the missing values in the following table, selecting the answers closest to the values you calculate. Year Quantity of Money Velocity of Money Price Level Quantity of Output Nominal GDP (Dollars) (Dollars) (Cell phones) (Dollars) 2018 280     7.00 600    2019 294 15   600        The money supply grew at a rate of_____   from 2018 to 2019. Since cell phone output did not change from 2018 to 2019 and the velocity of money _____   , the change in the money supply was reflected  _____  in changes in the price level. The inflation rate from 2018 to 2019 was ______   .

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Use the Quantity Theory of Money equation to solve the following: If the velocity of circulation is constant, real GDP is growing at 4.5 percent a year, the real interest rate is 2.1 percent a year, and the nominal interest rate is 5.7 percent a year. What is the growth of nominal GDP? Hint: Recall that nominal GDP=PxY

How does the concept of velocity of money relate to the quantity theory of money, and what factors can influence the velocity of money in an economy? A) The velocity of money has no connection to the quantity theory of money. B) The velocity of money represents the rate at which money changes hands in the economy and is a key factor in the quantity theory of money; factors like consumer confidence and banking practices can influence it. C) The velocity of money measures the total money supply in an economy and is unrelated to the quantity theory of money. D) The velocity of money is determined solely by government policies.