What is the price level

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Question 1: If velocity is 5, aggregate output is initially $ 10 trillion, and the money supply is $2trillion. What is the price level? What is the price level if the money supply doubles?

Question 2: Assume that the velocity is 5, nominal income (GDP) is initially $ 10 trillion, and the money supply is $2trillion. What happens to the nominal income if the money supply doubles?

Reference no: EM133128045

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