Year Quantity of Money (Dollars) Velocity of Money Price Level (Dollars) Quantity of Output (Jean jackets) Nominal GDP (Dollars) 2020 400 5.00 800 2021 412 10 800 The money supply grew at a rate of from 2020 to 2021. Since jean jacket output did not change from 2020 to 2021 and the velocity of money, the change in the money supply was reflected in changes in the price level. The inflation rate from 2020 to 2021 was
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