3. Velocity and the quantity equation Comider a simple economy that produces only pes. The following table contains info

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3 Velocity And The Quantity Equation Comider A Simple Economy That Produces Only Pes The Following Table Contains Info 1 (15.87 KiB) Viewed 31 times

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3 Velocity And The Quantity Equation Comider A Simple Economy That Produces Only Pes The Following Table Contains Info 3 (45.14 KiB) Viewed 31 times

3. Velocity and the quantity equation Comider a simple economy that produces only pes. The following table contains information on the 's money supply, velocity of mones, price level, and output. For example, in 2016, the money supply was $240, the price of a pie was $7.20, and the econy produced 500 Quantity of Money (Dollars) Price Level (Dollars) Quantity of Output (Pies) Nominal COP (Dollars) Velocity of Honey Year 2016 240 7.20 500 2017 252 15 500 The money supply grew at a rate of from 2016 to 2017. Since pie output did not change from 2016 to 2017 and the velocity of money the change in the money supply was reflected in changes in the price level. The inflation rate from 2016 to A
in Lewis is a wealthy entertainer. While watching a telethon that was aimed at raising money for medical research, he was overwhelmed by a sense of grief and sorrow. He consequently picked up the telephone, dialed the number on the screen, and promised to donate $5 million within one month. The volunteer on the other end of the line thanked Lewis and assured him that "the money will be put to good use." Two days later, before Lewis had sent in a cheque, the telethon organizers announced that, because of the public's overwhelmingly positive response, and in particular because of Lewis's generous promise, their organization would be able to build a research facility that they previously believed was beyond their budget. They also announced that they would name the facility the Jerry Medical Research Park, after Thomas Jerry, a local surgeon who recently had died. Lewis became very angry. He had long hated Jerry and he was horrified at the thought of paying for a building named in his enemy's honour. He therefore informed the telethon organizers that he had changed his mind and that he would not be sending any money. The telethon organizers have now sued for breach of contract. Which of the following statements is TRUE? Select one: OA Lewis is not required to pay because his promise was a gratuitous promise. OB. Lewis is contractually obliged to honour his promise if the telethon organizers can prove that, in reliance upon his promise. they already have hired architects and contractors to build the new facility. OC. There is no contract in this case because Lewis merely promised to pay, and did not actually pay any money, and therefore did not provide consideration. D. Lewis will be contractually obliged to honour his promise as long as the telethon organizers agree to drop Thomas Jerry's name from the new research park. OE. Lewis is required to honour his promise as a result of the doctrine of promissory estoppel.