If real GDP equals 5,000, nominal GDP equals 10,000, and the price level equals 2, then what is velocity if the money stock equals 2,000?

Innovation and new ideas are rewarded in a nation with a traditional economy.

a. true b. false

Suppose that from a new checkable deposit, First National Bank holds eight million dollars on deposit with the Federal Reserve, one million dollars in required reserves, and faces a required reserve ratio of ten percent

Given this information, we can say First National Bank has ________ million dollars in excess reserves. A) two B) eight C) nine D) ten