Nominal GDP in terms of is represented by how much money there is and how many times it is spent, while Nominal GDP in terms of                  is represented by all goods and services and their prices.

Related MCQs

• The average number of times that a dollar is spent in buying the total amount of final goods and
• Walras’ law implies that if there are N markets, we only need to find equilibrium prices in
• In the quantity theory of money, P and Y represent the price and quantity of:
• For the classical economists, the quantity theory of money provided an explanation of movements in the price level. Movements in the price level result
• The classical economists believed that if the quantity of money doubled,
• The quantity theory of money is expressed by the identity equation
• Both sides of the quantity theory of money identity represent . *
• The type of equilibirium that deals with the determination of price and quantity of only one
• If you want a 4% real interest rate and the expected inflation rate is 3%, you should set the