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Imagine that an economy produces two goods, flashlights and fishing lures. In 2011, the economy ...

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Imagine that an economy produces two goods, flashlights and fishing lures. In 2011, the economy ...

Imagine that an economy produces two goods, flashlights and fishing lures. In 2011, the economy produced 100 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $5 and $11, respectively. In 2012, the economy produced 120 flashlights and 60 fishing lures, and the prices of flashlights and fishing lures were $7 and $14, respectively. respectively. What happened to nominal GDP from 2011 to 2012? What happened to real GDP?

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Survey of Economics: Principles, Applications and Tools

Edition: 6^th

Authors: O'Sullivan, Sheffrin, Perez

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