Table 2OutputChocolateQuantityProducedin 201915,000,000barsPricesin 2019$1.00 perbarQuantityProducedin 202015,000,000barsPricesin 2020$1.75 perbarRefer to Table 2. Based on this information, we can conclude that the production of chocolate:increased both nominal and real GDP from the previous year.increased nominal GDP from the previous year, but real GDP was unaffected.increased real GDP from the previous year, but nominal GDP was unaffected.decreased nominal GDP from the previous year, but real GDP was unaffected.did not change either nominal or real GDP from the previous year.decreased both nominal and real GDP from the previous year.

Real GDP : Real gross domestic product is an inflation-adjusted measure that reflects the value of…

Output Chocolate Quantity Produced in 2019 15,000,000 bars O Prices in 2019 $1.00 per bar Quantity Produced in 2020 15,000,000 bars Prices in 2020 $1.75 per bar Refer to Table 2. Based on this information, we can conclude that the production of chocolate: increased both nominal and real GDP from the previous year. O increased nominal GDP from the previous year, but real GDP was unaffected. increased real GDP from the previous year, but nominal GDP was unaffected. decreased nominal GDP from the previous year, but real GDP was unaffected. did not change either nominal or real GDP from the previous year. decreased both nominal and real GDP from the previous year.

Output Chocolate Quantity Produced in 2019 15,000,000 bars O Prices in 2019 $1.00 per bar Quantity Produced in 2020 15,000,000 bars Prices in 2020 $1.75 per bar Refer to Table 2. Based on this information, we can conclude that the production of chocolate: increased both nominal and real GDP from the previous year. O increased nominal GDP from the previous year, but real GDP was unaffected. increased real GDP from the previous year, but nominal GDP was unaffected. decreased nominal GDP from the previous year, but real GDP was unaffected. did not change either nominal or real GDP from the previous year. decreased both nominal and real GDP from the previous year.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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