Question

1. Suppose the supply of money, measured by M1, is $2.9 trillion, output, measured by real GDP, is $15.8 trillion, and the velocity of money is 7.6. Suppose the supply of money increases to $3.9 trillion but GDP and the velocity of money do not change. What is the percent by which prices change? Provide your answer as a percentage rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer.

2. Suppose the price level, as measured by the GDP deflator, is 1.15, the supply of money, measured by M1, is $2.2 trillion, and output, measured by real GDP, is $18.1 trillion. What is the velocity of money?   Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer.

Answer 1

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