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19 July, 07:01

Harry's Pizza Parlor produced 10,000 large pizzas last year that sold for $10 each. This year Harrys produced 11,000 large pizzas (identical to last year's pizzas) but sold them for $12 each. Based on this information, we can conclude that Harry's production of large pizzas

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  1. 19 July, 10:46
    0
    Increased both nominal and real GDP

    Explanation:

    Harry's Pizza Parlor's pizza production increased the nominal GDP by $32,000 ( = $132,000 - $100,000).

    Harry's pizza production increased the real GDP by $10,000 ( = 1,000 pizzas x $10).

    The real GDP is not affected by inflation rate, so the real GDP must be calculated using a pizza price of $10. Also, the increase in real GDP is given only by the increase in quantity produced = 11,000 pizzas - 10,000 pizzas = 1,000 pizzas.
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