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Suppose that a country's final output consists of two goods, fish and chips. In 2022 the country had a population of 100 people and produced
Suppose that a country's final output consists of two goods, fish and chips. In 2022 the country had a population of 100 people and produced 100 servings of fish and 200 servings of chips. In 2023 the country had a population of 105 people and produced 105 servings of fish, and 210 servings of chips. In 2022 the price of a serving of fish was $10 and the price of a serving of chips was $5, while in 2023 a serving of fish cost $11.50 and a serving of chips cost $5.50. Therefore, between 2022 and 2023, real GDP (using 2022 prices as a base year): Group of answer choices Increases from $2,000 to $2,100 Remains unchanged Decreases from $2,100 to $2,000 Increases from $2000 to $2,362.5 Cannot be calculated with the information provided
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