Output and Prices for an Imaginary Economy for 2019 and 2020 Product Quantity in 2019 Price in 2019 Quantity in 2020 Price in 2020 Toy Airplanes 100 $5 110 $8 Bobsleds 75 $12 65 $11 Given the information for an imaginary economy that produces just the two goods listed in the table above, answer the following questions: 1. Did real GDP rise or fall in this economy between 2019 and 2020? How do you know? 2. Did the average level of prices rise or fall in this economy between 2019 and 2020? How do you know?

ENGR.ECONOMIC ANALYSIS
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Output and Prices for an Imaginary Economy for 2019 and 2020
Product
Quantity in 2019
Price in 2019
Quantity in 2020
Price in 2020
Toy Airplanes
100
$5
110
$8
Bobsleds
75
$12
65
$11
Given the information for an imaginary economy that produces just the two goods listed in the table above, answer the following
questions:
1. Did real GDP rise or fall in this economy between 2019 and 2020? How do you know?
2. Did the average level of prices rise or fall in this economy between 2019 and 2020? How do you know?
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Transcribed Image Text:Output and Prices for an Imaginary Economy for 2019 and 2020 Product Quantity in 2019 Price in 2019 Quantity in 2020 Price in 2020 Toy Airplanes 100 $5 110 $8 Bobsleds 75 $12 65 $11 Given the information for an imaginary economy that produces just the two goods listed in the table above, answer the following questions: 1. Did real GDP rise or fall in this economy between 2019 and 2020? How do you know? 2. Did the average level of prices rise or fall in this economy between 2019 and 2020? How do you know? Ff T: A- B I U X2 x? !! # </> MacBook Pro 80 000 DD F2 F3 F4 F5 F6 F7 F8 F9 F1 C@ #3 $ % & * 2 7 8. W R Y K
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