For full credit you must address the following in your memo:
1. Explain how the use of money has changed over the past 20 years.
2. Explain the factors that have led up to this change.
3. Discuss/explain how the Federal Reserve Bank should regulate the nation’s bank.
4. Explain the role of technology in the evolution of how money is used by consumers.
5. Explain what has happened to the velocity of money because of technology.
6. As an example, calculate the velocity of money when the price level is 10, the national quantity of output is $200 billion, and the money supply is $250 billion.
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