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Sagot :
The price level may rise, fall, or remain the same as real GDP falls.
What changes occurred to GDP during the Great Depression?
Between 1929 and 1933, real GDP declined by 29%. In 1933, the unemployment rate peaked at 25%. 25% decrease in consumer prices 32% of wholesale prices went down. Exactly 7,000 banks, almost 33% of the financial framework, bombed somewhere in the range of 1930 and 1933.
How much was the GDP when there was a Great Depression?
GDP in the United States dropped to just 57 billion U.S. dollars in 1933, the lowest level ever recorded, before rising shortly before the Second World War.
To learn more about real GDP here
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