Assume nominal GDP for 2011 is $13 trillion and nominal GDP for 2012 is $16 trillion. At the same time, real GDP in 2011 is $12 trillion and real GDP for 2012 is $14 trillion. (2011 is not the base year in this instance.)
Based on the above information can you conclude whether:
a. The quantity produced has risen
b. The price level has risen