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Macroeconomics 19th Edition by Campbell McConnell , Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0077337728Macroeconomics 19th Edition by Campbell McConnell , Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0077337728 Exercise 3
Suppose the price level and value of the U.S. dollar in year 1 arE1 and $1, respectively. If the price level rises to 1.25 in year 2, what is the new value of the dollar? If, instead, the price level falls to.50, what is the value of the dollar?
Explanation
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The value of dollar varies inversely wit...
Macroeconomics 19th Edition by Campbell McConnell , Stanley Brue,Sean Flynn
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