Question: Over a given period, the nominal value of national income increased by 4%. Over the same period the money supply declined by 2%. Which of the following is correct?
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a.National income in real terms increased by approximately 6%
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b.National income in real terms increased by approximately 2%
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c.The general price level increased by approximately 2%
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d.The income velocity of circulation increased by approximately 6%
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e.None of these
Answer: d
 National income in real terms increased by approximately 6% b) National income in real terms increased by approximately 2% c) The general price level increased by approximately 2% d) The income velocity of circulation increased by approximately 6% e) None of these Ans. d) The income velocity of circulation increased by approximately 6%
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