If the United States' maximum possible output of any one good is produced, given the output of other goods, we have attained ____________.

When developing classical models, there is an assumption that wages and prices will remain fixed relative to changes in supply and demand

Indicate whether the statement is true or false

Imagine that an economy produces two goods, flashlights and fishing lures. In 2015, the economy produced 100 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $5 and $11, respectively

In 2016, the economy produced 120 flashlights and 60 fishing lures, and the prices of flashlights and fishing lures were $7 and $14, respectively. respectively. What happened to nominal GDP from 2015 to 2016? What happened to real GDP?