During the 1970's, U

question 141

Multiple Choice

During the 1970's, U.S. inflation averaged 7% each year and real GDP increased. Holding velocity constant and using the Quantity Equation, we conclude that

• A) money growth must have been greater than the growth of real income.
• B) money growth must have been less than the growth of real income.
• C) prices fell during the 1970's.
• D) output fell during the 1970's.

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