b. What would be the percentage change in real GDP? Both real and nominal GDP will remain unchanged. Both real and nominal GDP will rise by $10 \%$. Nominal GDP will remain unchanged and real GDP will rise by $10 \%$. Real GDP will remain unchanged and nominal GDP will rise by $10 \%$.
Refer to the following: Real / Nominal GDP GDP CALCULATIONS Reset Year 1 (base year) \begin{tabular}{|c|c|c|c|} \hline & $\begin{array}{c}\text { Price } \\ (0-\$ 20)\end{array}$ & $\begin{array}{c}\text { Quantity } \\ (0-400)\end{array}$ & Expenditure \\ \hline Apples & 1.50 & 100 & $\$ 150.00$ \\ \hline Bread & 1.00 & 200 & $\$ 200.00$ \\ \hline \end{tabular} \begin{tabular}{|ll|} \hline Nominal GDP & $\$ 350.00$ \\ \hline Real GDP & $\$ 350.00$ \\ \hline \end{tabular} LROWTH RATES \begin{tabular}{|c|} \hline Nominal GDP (Year 1 to Year 2) \\ \hline $0.0 \%$ \\ \hline \end{tabular} Year 2 \begin{tabular}{|c|c|c|c|} \hline & $\begin{array}{c}\text { Price } \\ (0-\$ 20)\end{array}$ & $\begin{array}{c}\text { Quantity } \\ (0-400)\end{array}$ & Expenditure \\ \hline Apples & 1.50 & 100 & $\$ 150.00$ \\ \hline Bread & 1.00 & 200 & $\$ 200.00$ \\ \hline \end{tabular} \begin{tabular}{|ll|} \hline Nominal GDP & $\$ 350.00$ \\ \hline Real GDP & $\$ 350.00$ \\ \hline \end{tabular} 1. Suppose the price of apples doubles to $\$ 3.00$ between year 1 and year 2 but that nothing else in the economy changes. Instructions: Round your answers to one decimal place. a. What would be the percentage change in nominal GDP? ]$\%$ b. What would be the percentage change in real GDP? \rceil $\%$ 2. Suppose the prices of both apples and bread double between year 1 and year 2 and quantities remain unchanged. Instructions: Round your answers to one decimal place. a. What would be the percentage change in nominal GDP?