In year 1, an economy is at full employment and real GDP is 350 million, the GDP
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In year 1, an economy is at full employment and real GDP is £350 million, the GDP deflator is 220 (price level is 2.2) and the quantity of money is £50 million. In year 2, the quantity of money is halved. If the quantity theory of money holds, calculate the velocity of circulation in year 1 and the quantity of money, the GDP deflator, real GDP, and the velocity of circulation in year 2.
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