In the year 2010, the economy produces 100 loaves of bread that sell for $2 each. In
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In the year 2010, the economy produces 100 loaves of bread that sell for $2 each. In the year 2011, the economy produces 200 loaves of bread that sell for $3 each. Calculate nominal GDP, real GDP, and the GDP deflator for each year.
(Use 2010 as the base year.) By what percentage does each of these three statistics rise from one year to the next?
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