Was the velocity of circulation constant? In 2007, the United States was at full employment. The quantity

Question:

Was the velocity of circulation constant?

In 2007, the United States was at full employment. The quantity of money was growing at 6.4 percent a year, the nominal interest rate was 4.4 percent a year, real GDP grew at 1.9 percent a year, and the inflation rate was 2.9 percent a year. Use this information to work Problem.