Velocity in the Country of Aquilonia Is Always Stable

question 76

Multiple Choice

Velocity in the country of Aquilonia is always stable.In 2012,the money supply was $100 billion,nominal GDP was $500 billion,and the real interest rate was 3 percent.In 2013,the money supply was $105 billion,and real GDP did not change from its level in 2012.What was the approximate nominal interest rate in 2013?

• A)3 percent
• B)5 percent
• C)8 percent
• D)11 percent

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