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If the prices of all goods and services increased (compared to the previous quarter) , but the quantity produced remained unchanged , what would happen

  1. If the prices of all goods and servicesincreased (compared to the previous quarter), but the quantity producedremained unchanged, what would happen to this quarter's nominal and real GDP?
  2. Suppose the government sets a price floor above the equilibrium. What is theconsequence of that price floor?
  3. Suppose in 2019,real GDP was $19 trillion and in2020,real GDP is $18trillion. Calculate the growth rate (round up the decimals to a whole number)in real GDP between that period of time.

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