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1. Suppose that an economy produces only apples, bananas, and oranges, and that prices (in dollars) and quantities (in pounds) are as shown in the

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1. Suppose that an economy produces only apples, bananas, and oranges, and that prices (in dollars) and quantities (in pounds) are as shown in the following table: Year 2016 Year 2017 Good Quantity Price Quantity Price Apples 2,000 $2 3,000 $3 Bananas 4,000 $3 6,000 $2 Oranges 6,000 $4 5,000 $5 Using the chain method, in 2017 the rate of growth of real GDP was approximately: A) 6.5 percent. B) 6.8 percent. C) 7.1 percent. D) 7.5 percent. E) None of the above is correct

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