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Question 1 Given the Equation of Exchange: Suppose that real GDP equals $10 trillion, nominal GDP...

Question 1

  1. Given the Equation of Exchange:

    Suppose that real GDP equals $10 trillion, nominal GDP equals $20 trillion, and the aggregate price level equals 2.If the velocity of money is 2,the money supply is:

    a.

    $20 trillion
    b.

    $10 trillion
    c.

    $30 trillion
    d.

    $25 trillion

Question 2

Social insurance programs are:

a.

government programs intended to protect families against economic hardships.
b.

private insurance policies to protect families from hardships caused by government actions.
c.

private insurance policies that cover gaps in government-provided health care.
d.

programs to help unemployed people have a social life.
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Answer #1

1) money supply = nominal GDP / velocity = 20 / 2 = 10 trillion. Select option B

2) option A is correct. As the name suggests, it is a program for the society initiated by the government in order to improve their living conditions. This aims at increasing standard of living of the downtrodden and impoverished

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