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, 125,000 TVs are produced and sold at a price of $1,000 each. As a result, A. real GDP increased B. real GDP stayed the same C. real GDP decreased D. nominal GDP decreased

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, 125,000 TVs are produced and sold at a price of $1,000 each. As a result, A. real GDP increased B. real GDP stayed the same C. real GDP decreased D. nominal GDP decreased

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 6CQQ

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