Nominal GDP, PY, Is $7

question 399

Multiple Choice

Nominal GDP, PY, is $7.5 trillion. The quantity of money is $3 trillion. The velocity of circulation is

• A) 22.5.
• B) 10.5.
• C) 2.5.
• D) 3.

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Definitions:

Budget Field

A category within a budget, specifying an area of financial activity, such as revenues, expenses, or investments.

Interest Rates

The cost of borrowing money or the return on invested funds, typically expressed as a percentage.

After-Tax Profit

The amount of income left after all taxes have been deducted from the gross income.

Economy

An area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location.