Assume the table has recorded the total output and prices of the only two goods produced. Looking at the changes in real GDP and nominal GDP from 2001 to 2002, we can conclude:
A) output and prices increased.
B) only output increased.
C) only prices increased.
D) output increased, but prices decreased.

Question

Assume the table has recorded the total output and prices of the only two goods produced. Looking at the changes in real GDP and nominal GDP from 2001 to 2002, we can conclude:
A) output and prices increased. 
B) only output increased. 
C) only prices increased. 
D) output increased, but prices decreased.

Quizplus · Accepted Answer

Both real GDP and nominal GDP increased, indicating that both output and prices increased between 2001 and 2002.

Assume the Table Has Recorded the Total Output and Prices