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Quantecon is a country in which the quantity theory of money operates The country has a constant population capital stock and technology In year 1 real GDP was a400 million the price level was

Quantecon is a country in which the quantity theory of money operates. The country has a constant population, capital stock and technology. In year 1, real GDP was a400 million, the price level was 200, and the velocity of circulation of money was 20. In year 2, the quantity of money was 20 per cent higher than in year 1. a.What was the quantity of money in year 1? b.What was the quantity of money in year 2? c. What was the price level in year 2? d.What was the level of real GDP in year 2? .e.What was the velocity of circulation in year 2?

Apr 29 2020 View more View Less

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