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When the price level in Australia drops, Australian net exports will _______, because of the ________.
decrease; interest rate effect
increase; interest rate effect
increase; international trade effect.
decrease; international trade effect
The velocity of money is constant and the price level in the Quantity Theory of Money is measured by GDP deflator. If money supply growth rate is 3%, then which of the following scenarios is consistent with Quantity Theory of Money ?
Real GDP growth is 3% and inflation is 3%.
Nominal GDP growth rate is 3% and inflation is 3%.
Real GDP is unchanged and inflation is -3%.
None of the above.