If both the prices and the quantities of all final goods and services produced in a nation doubled from one year to the next and population remained constant, then: Answers:A. Nominal GDP would be four times as large in the second year as in the first. B. Real GDP would be twice as large in the second year as in the first. C. The national wealth increases. D. All of the above.

Gross domestic product(GDP) measures the money value of all final goods and services produced in an…

Answered: If both the prices and the quantities…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 31P: Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa...

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If both the prices and the quantities of all final goods and services produced in a nation doubled from one year to the next and population remained constant, then:


Answers:	A. Nominal GDP would be four times as large in the second year as in the first.
	B. Real GDP would be twice as large in the second year as in the first.
	C. The national wealth increases.
	D. All of the above.

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