A small country produces 5,000 units of output and has a money supply of $2,000. Its citizens
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A small country produces 5,000 units of output and has a money supply of $2,000. Its citizens want to hold 10 percent of their income in money (k = 0.10).
a. What are V, $GDP, P, and the real money supply (MS/P)?
b. If the money supply doubles to $4,000 but real output and V stay the same, what will $GDP, P, and the real money supply be?
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