If the Price Level Is 2, Real GDP Is $50

question 21

Multiple Choice

If the price level is 2, real GDP is $50 billion, and the quantity of money is $4 billion, then velocity is

• A)4.
• B)25.
• C)12.5.
• D)10.
• E)8.

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Definitions:

No-fault Divorces

A type of divorce that allows for the dissolution of marriage without the need for either party to prove wrongdoing or fault.

Property Ownership

The legal right to possess, use, and dispose of land, buildings, or other assets.

Jacksonian Democrats

A political movement in the United States during the 1820s to 1840s that championed greater rights for the common man and was opposed to any signs of aristocracy in the nation.

Protective Tariffs

Taxes levied on imported goods to protect domestic industries from foreign competition by making imported goods more expensive.