Suppose Country 'X' is producing an output of 300 units of a certain good at $3 per unit in 2017. With time, the price level rises from $3 per unit to $5 per unit in 2018 while the amount of output produced remains same. Which of the following is true for the given situation The nominal GDP remains same for both years. The real GDP has increased from 2017 to 2018. The real GDP has decreased from 2017 to 2018. The real GDP remains same for both years. The nominal GDP has decreased from 2017 to 2018.

Suppose Country 'X' is producing an output of 300 units of a certain good at $3 per unit in 2017. With time, the price level rises from $3 per unit to $5 per unit in 2018 while the amount of output produced remains same. Which of the following is true for the given situation The nominal GDP remains same for both years. The real GDP has increased from 2017 to 2018. The real GDP has decreased from 2017 to 2018. The real GDP remains same for both years. The nominal GDP has decreased from 2017 to 2018.

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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