Question: In a closed economy, if the income velocity of circulation of money remains constant, in what will an increase in the money supply result?
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a.a proportionate increase in the level of money income
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b.a proportionate increase in the level of output
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c.a proportionate increase in the rate of growth of money income
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d.a proportionate increase in the rate of growth of output
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e.None of the above
Answer: a
 a proportionate increase in the level of money income b) a proportionate increase in the level of output c) a proportionate increase in the rate of growth of money income d) a proportionate increase in the rate of growth of output e) None of the above Ans. a) a proportionate increase in the level of money income
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