MGEB06H3 Lecture Notes - Lecture 1: Quantitative Easing

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According the quantity theory of money, if the monetary growth rate is 5% and the percentage change in velocity is 0%, then the inflation rate would be equal to 5%. true/false/uncertain, explain. Some argue that these changes would increase the long-run price level. true/false/uncertain, explain. During war times, cigarettes are often used as a medium of exchange in the prisoner-of-war (pow) camps because they satisfy a number of criteria for good money. Explain: on some occasions the prisoners knew in advance when the cigarette shipments were to arrive.

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