Fisheria is a country in which the quantity theory of money operates. The country has a constant population, capital stock, and technology. In 2010, real GDP was $300million, the quantity of money was $60million, and the velocity of circulation of money was $10million. In 2011, the price level rose by 20 percent.
a) what is the price level in 2010?
b) what was the real GDP in 2011
c) what was the velocity of circulation in 2011?
d) what was the quantity of money in 2011?