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1. ( /10) Economic Growth a. Define GDP, identify what is not included, define the four components, and give an example of each ( l5)

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1. ( /10) Economic Growth a. Define GDP, identify what is not included, define the four components, and give an example of each ( l5) b. Explain the difference between nominal and real GDP. Use a simplified numerical example with two different years to show your understanding. ( l5)

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