Consider a simple economy that produces only one good, outpu…
Consider a simple economy that produces only one good, output. The table below contains information on the economy’s output, money supply, velocity of money and price level. For example, in 2010, the money supply was $500, the price of output was $8, and the economy produced 250 units of output. 2010 2012 Quantity of Money $500 $700 Velocity of Money A 4 Price Level $8 B Quantity of Output 250 300 The value of A is (round to two decimal places, if necessary) The value of B is (round to two decimal places, if necessary) Nominal GDP in 2010 is In 2010, the average dollar exchanged hands times. The inflation rate in 2011 is (round to two decimal places)