homework5Spring2008 - Economics 102 Spring 2008 Homework #5...

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Economics 102 Spring 2008 Homework #5 Due in class on 5/5/08 On your homework please include at the top of the first page your name, TA name, and the section number for the discussion section you attend. All homeworks should be legible and neat: do a professional looking job! (1) History tells us that the Spanish Conquistadors conquered the New World and its rich sources of precious metals. The conquistadors pillaged various natives and later operated local mines to extract silver and gold. From 1600 – 1650 there were about 268 tons of precious metals exported to Western Europe annually. After importing the metals, the metals were further exported to other countries. The following chart demonstrates a possible trade route of silver flows across the world for two different time periods. a) Assuming that the velocity of money was constant over the period and that output did not change, use the equation M V = P Y, or the (Quantity of Money * Money Velocity =
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This note was uploaded on 08/08/2008 for the course ECON 102 taught by Professor Drozd during the Spring '08 term at University of Wisconsin Colleges Online.

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homework5Spring2008 - Economics 102 Spring 2008 Homework #5...

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