GDP Is $2,000 Billion, the GDP Deflator Is 100 (A

question 97

Multiple Choice

GDP is $2,000 billion, the GDP deflator is 100 (a price level of 1) , and the velocity of circulation is 5. The quantity of money is

• A)$10,000 billion.
• B)$2,000 billion.
• C)$400 billion.
• D)$20 billion.
• E)$500 billion.

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Definitions:

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Conclusion

The final part of something, notably an argument or text, where the main points are resolved or summarized.

Evidence

Evidence refers to information, facts, or data presented to support a claim, assertion, or hypothesis.

Generalization

A broad statement or conclusion that applies to many instances, derived from specific cases.