Fill Out the Following Table Using the Quantity Equation (A) Calculate the Growth Rate Far Each Af the Faur

question 34

Essay

Fill out the following table using the quantity equation:
$\begin{array}{|c|c|c|c|c|}\hline \text { Year } & \begin{array}{c}\text { Quantity of } \\\text { M2 } \\\text { (\$ billions) }\end{array} & \text { Vebcity } & \begin{array}{c}\text { Real GDP } \\\text { (billions of } \\\mathbf{2 0 0 9} \$)\end{array} & \begin{array}{c}\text { Price Level } \\\text { (GDP } \\\text { Deflator, } \\\mathbf{2 0 0 9 = 1 . 0 )}\end{array} \\\hline 2006 & 7,035 & & 14,614 & 0.95 \\\hline 2007 & 7,436 & & 14,874 & 0.97 \\\hline 2008 & 8,157 & & 14,830 & 0.99 \\\hline 2009 & 8,461 & & 14,419 & 1.00 \\\hline 2010 & 8,767 & & 14,784 & 1.01 \\\hline 2011 & 9,630 & & 15,021 & 1.03 \\\hline 2012 & 10,426 & & 15,355 & 1.05 \\\hline 2013 & 10,994 & & 15,612 & 1.07 \\\hline 2014 & 11,648 & & 15,982 & 1.09 \\\hline\end{array}$ (A) Calculate the growth rate far each af the faur varables between 2006 and 2007 .
(B) Calculate nominal GDP far 2006 and 2007 , and then calculate the growrth rate of nominal GDP between 2006 and 2007 . Campare this result with the sun of the growth rates of real GDP and the price level between those twa years.
(C) The quantity equation in 맘th rates can be witten as Grawth in $\boldsymbol { M } +$ rowth in $V =$ Frowth in GDP + Fowth in $F$ . Daes the growth-rate form of the quantity equuation wark far the period fram 2006 thraugh 2007 ?
(D) Campare the velocity in 2007 with the velocity in 2008 . Is this suprising? Espalain.

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