In 2009, nominal GDP was $14,050 billion and M1 was $1,587 billion. Velocity was

Government intervention in agricultural markets in the U.S. began in the

A) 1920s. B) 1930s. C) 1950s. D) 1970s.

When the actual real GDP exceeds the natural real GDP as in Figure 1-2 above, we expect to find that unemployment is

A) high and inflation is high. B) low and inflation is high. C) low and inflation is low. D) high and inflation is low.