Suppose a Small Economy Produces Only MP3 Players

question 37

Multiple Choice

Suppose a small economy produces only MP3 players.In year one, 10,000 MP3 players are produce and sold at a price of $100 each.In year two, 12,000 MP3 players are produced and sold at a price of $80 each.Which of the following statements is true?

• A)Real GDP and nominal GDP both increase.
• B)Real GDP increases, while nominal GDP remains constant.
• C)Real GDP decreases, while nominal GDP increases.
• D)Real GDP increases, while nominal GDP decreases.

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