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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
- 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?
- Suppose the government sets a price floor above the equilibrium. What is theconsequence of that price floor?
- 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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