Suppose a small economy produces only smart TVs. In year one, 100,000 TVs are produced and sold at a price of $1,200 each. In year two, 100,000 TVs are produced and sold at a price of $1,000 each. As a result, Multiple Cholce real GDP stayed the same. real GDP Increased. real GDP decreased. nominal GDP stayed the same.
Suppose a small economy produces only smart TVs. In year one, 100,000 TVs are produced and sold at a price of $1,200 each. In year two, 100,000 TVs are produced and sold at a price of $1,000 each. As a result, Multiple Cholce real GDP stayed the same. real GDP Increased. real GDP decreased. nominal GDP stayed the same.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 4WNG
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![Suppose a small economy produces only smart TVs. In year one, 100,000 TVs are produced and sold at a price of $1,200 each. In year two, 100,000 TVs are produced and sold at a price of
$1,000 each. As a result,
Multiple Cholce
real GDP stayed the same.
real GDP Increased.
real GDP decreased.
nominal GDP stayed the same.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6026877c-2738-4eda-876c-deb8fbb33d41%2F921f130e-a7aa-4ab1-b1ce-57b142579331%2F34a6me_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose a small economy produces only smart TVs. In year one, 100,000 TVs are produced and sold at a price of $1,200 each. In year two, 100,000 TVs are produced and sold at a price of
$1,000 each. As a result,
Multiple Cholce
real GDP stayed the same.
real GDP Increased.
real GDP decreased.
nominal GDP stayed the same.
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