1. (a) Assuming that the velocity of money is constant, if a country has an average annual growth rate of real GDP equal to 3%, then what is the average annual rate of money growth that would required to produce an average rate of inflation of 4%.
(b) Assuming that the velocity of money is constant, if a country has an average annual growth rate of real GDP equal to 6%, an average real interest rate of 4%, and an average rate of money growth equal to 10%, then what is the average rate of nominal interest implied by the quantity theory of money?
(c) Assuming that the velocity of money is constant, if a country has an average annual growth rate of real GDP equal to 6%, an average real interest rate of 4%, and an average rate of money growth equal to 10%, then what is the average rate of nominal interest implied by the quantity theory of money? S
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