Use the Quantity Theory of Money: M.V = P.Y An economy has a real output of 5,474 and a money supply of $39,571. On average, each dollar is spent 2.3 times. What is the price level for this economy? Round your answer to two decimal places.

Use the Quantity Theory of Money: M.V = P.Y An economy has a real output of 5,474 and a money supply of $39,571. On average, each dollar is spent 2.3 times. What is the price level for this economy? Round your answer to two decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the Quantity Theory of Money: MV = P.Y
An economy has a real output of 5,474 and a money supply of $39,571. On average, each dollar is
spent 2.3 times.
What is the price level for this economy?
Round your answer to two decimal places.

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