Last year, U.S. money supply was $4 trillion, U.S. nominal GDP was $20 trillion, and U.S. real GDP was $16 trillion. Which of the answer choices gives the best approximation of the maximum number of times that a dollar bill exchange last year? O More information is needed; specifically, the price level must be known. O Five times O Four times O Two times

Last year, U.S. money supply was $4 trillion, U.S. nominal GDP was $20 trillion, and U.S. real GDP was $16 trillion. Which of the answer choices gives the best approximation of the maximum number of times that a dollar bill exchange last year? O More information is needed; specifically, the price level must be known. O Five times O Four times O Two times

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter15: The Debate Over Monetary And Fiscal Policy

Section: Chapter Questions

Problem 1TY

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