Excess liquidity is defined as
A) the year-to year percentage change in the M2 money supply less the year-to-year percentage change in the nominal GNP.
B) the growth rate in the M2 money supply less the growth rate in the M1 money supply.
C) the year-to-year percentage change in the M1 money supply less the year-to-year percentage.
D) the year-to-year percentage change in the "real" GNP less the year-to-year percentage change in the nominal GNP.
E) None of these are correct.
Correct Answer:
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