Consider a closed economy in which the money supply totals, Business Economics

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Consider a closed economy in which the money supply totals

Consider a closed economy in which the money supply totals $120,000. The price level is constant at a value of 2 and nominal GDP is currently $200,000.

Calculate (income) velocity for this nation, carefully following all numeric instructions. Round any intermediate steps and your final answer to two decimal places.

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Business Economics: Consider a closed economy in which the money supply totals

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Business Economics: Consider a closed economy in which the money supply totals

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