If Nominal GDP Is $7,700 Billion and M1 Is $1,000

question 40

Multiple Choice

If nominal GDP is $7,700 billion and M1 is $1,000 billion, then velocity is

• A) 10.7.
• B) 7.7.
• C) 7.1.
• D) 7.0.

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Definitions:

Percent Change

A measure that indicates the relative difference between an initial value and a final value, expressed as a percentage.

Wrong Amount

The incorrect calculation or entry of a figure in accounting records, transactions, or financial statements.

Account Balance

The amount of money present in a financial account at any given time.

Posting Errors

Mistakes that occur when financial data is incorrectly recorded or entered into the accounting system.