Question: The table provides some data for the United States in the first decade following the Civil War. a. Calculate the value of X in 1869.

The table provides some data for the United States in the first decade following the Civil War.

a. Calculate the value of X in 1869.
b. Calculate the value of Z in 1879.
c. Are the data consistent with the quantity theory of money? Explain your answer.

1869 1879 Quantity of money1.3 lon $1.7 billion Real GDP (1929 dollars) $7.4 billion Price level (1929 100) Velocity of circulation 54 4.61 4.50

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a Using the formula MV PY gives 13 billion x 45 P x 74 billion so that P equals 079 or transformed t... View full answer

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