According to the quantity equation, if P = 6 and Y = 800, which of the...
- According to the quantity equation, if P = 6 and Y = 800, which of the following pairs could M and V be? (1 mark)
|
a. |
200, 3 |
|
|
b. |
400, 4 |
|
|
c. |
600, 5 |
|
|
d. |
800, 6 |
Homework Answers
Answer
Option d
=====
quantity equation is:
PY=MV
P=price level
Y=real GDP
M=money supply
V=velocity
so the pair should have the product equal to PY
PY=6*800=$4800
working by options
MV=200*3=600
MV=400*4=1600
MV=600*5=3000
MV=800*6=4800
so the option d is correct as the pair equate the equation MV=PY=4800
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According to the quantity equation, if P = 6 and Y = 800, which
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According to the quantity equation, if P = 6 and Y = 800, which of the...
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