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Suppose that this year's money supply is $50 billion, nominal GDP is $1 trillion, and real GDP is $500 billion.
a. What is the price level? What is the velocity of money?
b. Suppose that velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant?
c. What money supply should the Fed set next year if it wants to keep the price level stable?
d. What money supply should the Fed set next year if it wants inflation of 10 percent?
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
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Answer the following questions thoroughly utilizing key terms and concepts covered in the previous units.
Environmental Protection Agency regulations tend to go by several stages of review and approval before they are implemented.
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