Harry's Pepperoni Pizza Parlor produced 10,000 large pepperoni pizzas last year that sold for $10 each. This year Harry's again produced 10,000 large pepperoni pizzas (identical to last year's pizzas)
But sold them for $12 each. Based on this information, we can conclude that Harry's production of
Large pepperoni pizzas this year
A) increased nominal GDP by $20,000 but left real GDP unchanged.
B) increased nominal GDP by $120,000 and increased real GDP by $100,000.
C) left nominal GDP unchanged but increased real GDP by $20,000.
D) increased nominal GDP by $120,000 but left real GDP unchanged.
Correct Answer:
Verified
Q6: Why are economists concerned about inflation?
A) Inflation
Q7: Inflation is defined as
A) a general increase
Q8: Before the period of modern economic growth,
A)
Q9: Which of the following is most closely
Q10: Modern economic growth refers to countries that
Q12: Harry's Pizza Parlor produced 10,000 large pizzas
Q13: The term "recession" describes a situation where
A)
Q14: The two topics of primary concern in
Q15: Real GDP measures the
A) total dollar value
Q16: The three statistics that are the main
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