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Camille's Cakes produced 500 cakes last year that sold for $20 each. This year Camille's produced 600 cakes (identical to last year's cakes) but sold
Camille's Cakes produced 500 cakes last year that sold for $20 each. This year Camille's produced 600 cakes (identical to last year's cakes) but sold them for $25 each. Based on this information, we can conclude that Camille's production of cakes Multiple Choice increased both nominal and real GDP from last year. increased nominal GDP from last year, but real GDP was unaffected. increased real GDP from last year, but nominal GDP was unaffected. did not change either nominal or real GDP from last year
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