18. If velocity = 3.5, the quantity of money = 15,000, and the price level-1.2,

Question

18. If velocity = 3.5, the quantity of money = 15,000, and the price level-1.2, then the real value of output (real GDP) is: a. 43,750.00. b. 5,142.86 c. 4,285.71 d. 3,571.43. 19. Suppose that bakers and retail salespeople have no unions. If bakers form a union, then the supply of retail salespeople will: a. Rise, as will the wages of retail salespeople. b. Rise, and the wages of retail salespeople will fall. c. Fall, as will the wages of retail salespeople. d. Fall, and the wages of retail salespeople will rise.

Explanation / Answer

Answer:- If velocity = 3.5, the quantity of money = 15,000, and the price level = 1.2, then the real value of output is

Correct Answer:- A:- 43,750.00.

Reason:- Real Value = (3.5*15000)/1.2 =43750

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