Homework Help: Macroeconomics

Posted by Liyyah on Sunday, April 11, 2010 at 5:44pm.

suppose that this year's money supply is $500b, nominal gdp is $10trillion, and real gdp is $5trillion, what is the price level and velocity of money? and if velocity is constant and the economy's output rises by 5% per year, what will happen to nominal gdp and the price level next year if the Fed keeps the money supply constant?

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