30 Apr Question: Consider a simple economy that produces only pies. The following table contains information on th…
Consider a simple economy that produces only pies. The following table contains information on the economy’s money supply, velocity of money, price level, and output. For example, in 2015, the money supply was 100, the price of a pie was $4.00, and the economy produced 500 pies Fill in the missing values in the following table, rounding to the nearest cent when necessary Money Supply (Dollars) 100 103 Price Level (Dollars) 4.00 Quantity of Output (Pies) 500 500 Nominal GDP Velocity of Money (Dollars) Year 2015 2016 20 The money supply grew at a rate of % from 2015 to 2016, Since pie output did not change from 2015 to 2016 and the velocity of money ,the change in the money supply was reflected in changes in the price level. The inflation rate from 2015 to 2016 was
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