Macroeconomics

Learn the toughest concepts covered in your Macroeconomics class with step-by-step video tutorials and practice problems.

Introducing Economic Concepts

Introducing Concepts - Nominal GDP and Real GDP

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Nominal GDP

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Real GDP

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Problem

Simpletown produces Apples and Robots. In Year 1, Simpletown harvested 1,000 apples and built 50 robots. During Year 2, Simpletown had identical production to Year 1. However, during Year 2, prices rose by 50%. Based on this information, which of the following is true?