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{"ops":[{"insert":"\nThe total demand for money is equal to the transactions demand plus the asset demand\nfor money.\n(a) Assume that each dollar held for transactions purposes is spent on the average five\ntimes per year to buy final goods and services.\nIf the nominal GDP is $10,000 billion\n($10 trillion), what is the transaction demand?\n(b) The table below shows the asset demand at certain rates of interest.\nUsing your answer to part (a), complete the table to show the total demand for money at various rates of interest.\nInterest rate Asset demandTotal demand\n(in %)(billions)(billions)\n10\n$\n30\n$_____\n8\n60\n_____\n6\n90\n_____\n4\n120\n_____\n(c) If the money supply is $2,060 billion, what will be the equilibrium rate of interest?\n(d) If the money supply rises, will the equilibrium rate of interest rise or fall?\n(e) If GDP rises, will the equilibrium rate of interest rise or fall?\n\n\n"}]}
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