(Solution)-If in 1986 nominal GDP was about $500 billion

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37. If in 1986 nominal GDP was about $500 billion., then the stock of money (M1) wasa) much more than this b) much less than thisc) about the same as this d) unrelated to this figureSuppose the aggregate supply curve is vertical, velocity is 4, and the money supply increases by 10%. According to the quantity theory of money,38. The percentage change in real income isa) 0% b) 10% c) 40% d) 2.5%39. The percentage change in nominal income isa) 0% b) 10% c) 40% d) 2.5%40. The percentage change in the price level isa) 0% b) 10% c) 40% d) 2.5%

 

Solution ID:10086474 | Question answered on 16-Oct-2016

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