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22. Assume that in 2018 the nominal GDP was $8,000 billion and in 2019 the nominal GDP was $8,500 billion. Based on this information can
22. Assume that in 2018 the nominal GDP was $8,000 billion and in 2019 the nominal GDP was $8,500 billion. Based on this information can we make any meaningful comparison of the economy's performance? Briefly explain. 23. Would the value of automobiles produced in 2019 entirely in South Korea by a U.S. company be counted in the U.S.'s GDP for the Year 2019? Briefly explain. 24. If a business increases its inventory by $2 million, should that increase be included in the year's GDP? Briefly explain. 25. Currently the Federal minimum wage in the United States is $7.25 per hour. Why must businesses in New Jersey pay their workers a minimum wage of $11.00 per hour
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