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11 years ago
The GDP of Atlantis is $500 in 2005.  In 2006, the same amount of goods and services are produced, but the price of everything has doubled.  What is nominal and real GDP in 2006, using 2005 as your base year?

Don't know how to answer this with just the information given.
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#1
11 years ago
GDP is the amount  of goods and services produced.

In 2005, it was 500. In 2006, the same amount was produced, so still 500 (real).
The price of the goods and services doubled in 2006, so 1000 (nominal).
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