Martper4792 Martper4792

03-06-2023
Business

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Imagine an economy that produces only pizza and pretzels. In 2010, the price of pizza was $20 and the price of pretzels was $1. In 2011, the price of pizza is $22 and the price of pretzels is $1.10. If 100,000 pizzas and 1,000,000 pretzels are produced in 2011, what is the nominal GDP and real GDP (using 2010 prices) for this economy in 2010 and 2011?

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