Suppose an economy produces only wheat and rice. Last year, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold at $2 per bushel. If the price of wheat was $2 per bushel and the price of rice was $1 per bushel in the base year, what can we conclude?

Answer rating: 100% (QA)

Heres what we can conclude from the information provided 1 Nominal GDP has increased Last years tota... View the full answer