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1 . Suppose the economy produced 2 goods: baseballs and tennis balls. In the third quarter of 2 0 2 3 ( the base period
Suppose the economy produced goods: baseballs and tennis balls. In the third quarter of
the base period baseballs were produced at a value of $ per baseball, while
tennis balls were produced at a value of $ per tennis ball. Meanwhile, in the third
quarter of baseballs were produced at a value of $ per baseball, while
tennis balls were produced at a value of $ per tennis ball. points
a Solve for the nominal and real GDP in the third quarter of points
b Solve for the nominal and real GDP in the third quarter of points
c Solve for the growth rate of real GDP between the third quarter of and the third quarter of What does this growth rate indicate or mean? In other words, what causes the real GDP value to increase? points
d Solve for the GDP price index in the third quarter of and in the third quarter of points
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