The quantity of money in an economy is $9 million, and the velocity of circulation is 3. Nominal GDP in this economy is _.

Name: The quantity of money in an economy is $9 million, and the velocity of circulation is 3. Nominal GDP in this economy is _.
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The equation of quantity theory of money is MV=PQ, where M is the money supply, V is the velocity of circulation, P is the price level, and Q is the level of real output. Solving for PQ, we get PQ=MV. Therefore, PQ = $9 million x 3 = $27 million.

The Quantity of Money in an Economy Is $9 Million