Suppose a small economy produces only HDTV sets. In year one, 100,000 sets are produced and sold at a price of $1,200 each. In year two, 100,000 sets are produced and sold at a price of $1,000 each. As a result, Multiple Choice
a. nominal GDP and real GDP both decrease. nominal GDP decreases,
b. while real GDP stays constant. nominal GDP stays constant,
c. while real GDP decreases.
d. nominal GDP decreases, and real GDP decreases even more.
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