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
Q2: Unemployment describes the condition where
A) equipment and
Q3: In making international comparisons of living standards
Q6: Which of the following is most closely
Q8: Before the period of modern economic growth,
A)
Q9: The term "recession" describes a situation where
A)inflation
Q10: The three statistics that are the main
Q11: Inflation is defined as:
A) an increase in
Q17: Real GDP measures the
A)total dollar value of
Q18: Real GDP is preferred to nominal GDP
Q20: If the prices of all goods and
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents