The quantity of money in an economy is $9 million, and the velocity of circulation is 3. Nominal GDP in this economy is
A) $6 million.
B) $9 million.
C) $3 million.
D) $27 million.

Name: The quantity of money in an economy is $9 million, and the velocity of circulation is 3. Nominal GDP in this economy is A) $6 million. B) $9 million. C) $3 million. D) $27 million.
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Quizplus · Accepted Answer

Nominal GDP can be calculated using the formula: Nominal GDP = Money Supply * Velocity of Money. Here, it's $9 million * 3 = $27 million.

The Quantity of Money in an Economy Is $9 Million