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Sagot :
The velocity of money is 8.
Given,
Real GDP - 3,000 units
Velocity of money - ?
Average price level - $4 per unit
Quantity of money - $1,500
Thus,
V = P * Y / M
Where P is the price level, Y is the real GDP, and M is the quantity of money in the economy.
V = 4 * 3000 / 1500
V = 8
Hence, the velocity of money V = 8 which means that money changed hand 8 times on average.
In economy, velocity of money is a measurement of the rate at which money is exchanged in an economy. In other words, it means the number of times one dollar is spent to buy goods and services per unit of time.
To learn more about velocity of money here:
https://brainly.com/question/14004549
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