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Economics of Money, Banking,
and Financial Markets, 11e, Global Edition
(Mishkin)
Chapter 20
Quantity Theory, Inflation
and the Demand for Money
20.1
Quantity Theory of Money
1) The quantity theory of
money is a theory of how
A) the money
supply is determined.
B) interest rates
are determined.
C) the nominal value of
aggregate income is determined.
D) the
real value of aggregate income is determined.
Answer:
C
AACSB:
Reflective Thinking
2) Because the quantity theory of money
tells us how much money is held for a given amount
of
aggregate income, it is also a
theory of
A) interest-rate
determination.
B) the demand for money.
C) exchange-rate determination.
D) the demand for assets.
Answer:
B
AACSB:
Reflective Thinking
3) The average number of times that a
dollar is spent in buying the total amount of
final goods
and services produced
during a given time period is known as
A) gross national product.
B) the spending multiplier.
C) the money multiplier.
D)
velocity.
Answer:
D
AACSB:
Reflective Thinking
4) The velocity of money is
A) the average number of times that a
dollar is spent in buying the total amount of
final goods
and services.
B)
the ratio of the money stock to high-powered
money.
C) the ratio of the money stock
to interest rates.
D) the average
number of times a dollar is spent in buying
financial assets.
Answer:
A
AACSB:
Reflective Thinking
5) If the money supply is $$500 and
nominal income is $$3,000, the velocity of money is
A) 1/60.
B) 1/6.
C) 6.
D) 60.
Answer:
C
AACSB:
Analytical Thinking
6) If
the money supply is $$600 and nominal income is
$$3,000, the velocity of money is
A) 1/50.
B) 1/5.
C) 5.
D) 50.
Answer:
C
AACSB:
Analytical Thinking
7) If the money supply is $$500 and
nominal income is $$4,000, the velocity of money is
A) 1/20.
B) 1/8.
C) 8.
D) 20.
Answer:
C
AACSB:
Analytical Thinking
8) If the money supply is $$600 and
nominal income is $$3,600, the velocity of money is
A) 1/60.
B) 1/6.
C) 6.
D) 60.
Answer:
C
AACSB:
Analytical Thinking
9) If nominal GDP is $$10 trillion, and
the money supply is $$2 trillion, velocity is
A) 0.2.
B) 5.
C)
10.
D) 20.
Answer:
B
AACSB:
Analytical Thinking
10) If nominal GDP is $$8
trillion, and the money supply is $$2 trillion,
velocity is
A) 0.25.
B) 4.
C) 8.
D) 16.
Answer:
B
AACSB:
Analytical Thinking
11) If
nominal GDP is $$10 trillion, and velocity is 10,
the money supply is
A) $$1 trillion.
B) $$5 trillion.
C) $$10
trillion.
D) $$100 trillion.
Answer:
A
AACSB:
Analytical Thinking
12) If the money supply is $$2 trillion
and velocity is 5, then nominal GDP is
A) $$1 trillion.
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