Business, 04.10.2020 08:01 CalCDanG

Assume there only two goods in the economy: french fries and onion rings. In 2019, 1,000,000 servings of french fries were sold for $0.40 each and 800,000 servings of onion rings were sold for $0.60 each. From 2019 to 2020, the price of french fries rose to $0.50 and the servings sold fell to 900,000; the price of onion rings fell to $0.51 and the servings sold rose to 840,000. Calculate nominal GDP in 2019 and 2020. Calculate real GDP in 2020 using 2019 prices. Why would an assessment of growth using nominal GDP be misguided

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Assume there only two goods in the economy: french fries and onion rings. In 2019, 1,000,000 serving...

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