If Real Output in an Economy Is 1,000 Goods Per

question 370

Multiple Choice

If real output in an economy is 1,000 goods per year, the money supply is $300, and each dollar is spent an average of 3 times per year, then according to the quantity equation, the average price level is

• A)$0.90.
• B)$1.00.
• C)$1.11.
• D)$1.33.

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