The plus signs indicate that a change in the money supply is hypothesized to change nominal expenditures and the price level in the same direction ( for other variables held constant ).
3.
The formula is an identity because the velocity of money ( " V " ) is defined to be the ratio of final nominal expenditure ( PQ ) to the quantity of money ( " M " ).
4.
Clark first broached the concept of the economic multiplier, the idea that " all expenditures give rise to subsequent income effects and that their aggregated sum can always be expressed as a multiple of the original disbursement . " In this work Clark developed the idea of multiplier effects for foreign trade and capital investment in advancing this thesis that the actual cost of World War I to the American people substantially exceeded the sum of nominal expenditures by the government upon the war.
5.
The 2016 17 budget forecasts that defence expenditure will increase to $ 39.3 billion in 2019 20, which is estimated to represent 1.97 % of GDP . This reflects a bipartisan commitment to increase defence expenditure to 2 % of GDP . The 2016 Defence White Paper included a commitment to further increases in spending beyond this time, with nominal expenditure being projected to be around $ 58.8 billion in 2020 25; the Australian Strategic Policy Institute has estimated that this would represent about 2.16 % of GDP.
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