What is Q in the quantitative theory of money?

Question

I am testing the quantitative theory of money for South Africa. QP = Mv. It is fairly clear what M and P are (broad money, or M1, price index, etc). But I am puzzled with Q. Is it GDP or does it include also intermediary inputs?The idea of the theory is that prices depend on the amount of money and the quantity of "goods and services". But since companies and people also pay for intermediate goods and services, I think I need to consider also intermediate inputs and not only final goods and services, as in GDP.Any ideas? Thank you very much!

Answer 1

Here Q is GDP.

And QP = Value of output produced in the economy.