Business, 01.09.2021 02:30 burners

Suppose the prices of both apples and bread rise by 10% between year 1 and year 2 and the quantities of both goods fall by 5%. a) What would be the percentage change in nominal GDP? Instructions: Round your answer to one decimal place. % b) What would be the percentage change in real GDP? Instructions: Round your answer to one decimal place. % c) Choose the answer below that best explains the different impacts of these changes on real and nominal GDP: multiple choice Real GDP changes take account of both price and quantity changes, but the fall in quantities dominated the rise in prices. Nominal GDP changes are influenced only by price changes and that is why nominal GDP rose. Nominal GDP changes will always be positive, regardless of what happens to quantities. Real GDP changes are influenced only by quantity changes and the quantities of both goods fell.

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Suppose the prices of both apples and bread rise by 10% between year 1 and year 2 and the quantities...